Matrixport predicts Ethereum to plummet to $1K due to FTX creditor liquidation.
In its latest prediction, Matrixport, a financial services network, released a report forecasting a dramatic dip in Ethereum’s prices, potentially to $1K, catalyzed by FTX creditor liquidation.
The network mentioned FTX creditor’s altcoin sales among the primary drivers of Ether’s price dip to $1K.FTX holds at least $90 million worth of Ethereum, translating into over 56K ETH. The injection of these myriads of ETH in the market will cause a supply shock, possibly driving the asset to $1K.Per the report, Ethereum saw an issuance of 15K ETH last week, more than the number of tokens burned 11K. The data implies an increase in the total number of circulating ETH last week.
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