Over the past 24 hours, addresses linked to FTX and Alameda Research have collectively transferred $13.35 million worth of assets to the crypto exchange Binance via Wintermute Trading. This move follows their approval in late September 2023 to actively liquidate assets.
An on-chain tracker called Lookonchain reported that the last deposits made by FTX and Alameda Research included COMP, the governance token of Compound, and RNDR, the native token of Render, on October 26. This indicates that the two entities are indeed proceeding with their asset liquidation process.
The price of COMP has remained relatively stable at current rates, hovering around a crucial resistance level. It has also experienced a 20% increase from its lows in October 2023 and is currently forming a bullish pattern within the range established between June and July 2023.
To fully establish an uptrend, traders anticipate further gains that could propel the token above the psychological level of $50, which is the high it reached in September 2023.
On the other hand, RNDR is on an upward trajectory and has been steadily gaining ground. It is currently up by 60% since its September lows, demonstrating the resilience of bullish sentiment.
The daily chart illustrates a favorable pattern for the token. Bulls have been successfully repelling bearish attempts as they aim to surpass the May 2023 highs, which are around $2.9. Breaking through this critical level could potentially lead to new 2023 highs for RNDR.
In September 2023, FTX received court approval to sell tokens and repay its creditors. Judge John Dorsey of the US. Bankruptcy Court in the District of Delaware gave the green light for FTX to sell up to $100 million worth of tokens weekly, including Bitcoin and Solana, as part of their plan to settle outstanding debts.
The exchange committed to using the proceeds from these sales to repay its creditors in a fair and efficient manner, and they are currently working with creditors to devise a distribution plan.
Judith Faith has been writing about cryptocurrencies and blockchain technology for over five years. She is well versed in the industry and has an extensive network of industry contacts. She is also a frequent contributor to various cryptocurrency publications. With her vast knowledge and experience, she is able to provide insightful and valuable content to her readers. Judith is also an active investor in the cryptocurrency space and has a vested interest in the success of the industry.
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