The crypto market is currently experiencing heightened uncertainty as approximately $1.3 billion worth of altcoins (excluding BTC, ETH, and DOGE) held at Robinhood could potentially flood the market in the next two weeks.
This impending sell-off is causing concerns among traders and investors, leading to a market-wide decline.
The majority of the altcoins expected to be sold are SOL, MATIC, and ADA, amplifying the selling pressure and exacerbating the current market downturn.
Over the next two weeks, a significant amount of altcoins, valued at approximately $1.3 billion, is set to be sold. This sell-off specifically targets altcoins excluding BTC, ETH, and DOGE.
Among the altcoins facing potential liquidation, SOL, MATIC, and ADA comprise the majority. The knowledge of this substantial sell-off has created an atmosphere of uncertainty, triggering a wave of selling in anticipation of the event.
The market crash currently being witnessed can be attributed to the imminent altcoin sell-off. The timing of this event is particularly challenging as market volume has reached multi-year lows, exacerbating the impact of the selling pressure.
With fewer buyers and increased selling activity, the market experiences downward pressure, resulting in declining prices across various cryptocurrencies.