FTX Bankruptcy Hearing Generates Fear of Sell Off And Why Bitcoin Spark Could Help Hedge Against It


Collapsed FTX exchange seemingly bears the future of crypto with an imminent deep expected to kick off after an awaited court hearing on September 13th. The crypto exchange has an ongoing motion to convert all its crypto assets to fiat. This move could cause enough panic to see the crypto market bleeding profusely. The US Trustee Office of the Department of Justice opposed FTX’s imminent decision, citing a possible violation of the law. The exchange’s creditors and former customers are waiting for a $3 billion liquidation to recover their funds. The market is likely to tank if the motion is approved, as selling pressure heightens. However, investing in this new Bitcoin alternative project could make all the difference for smart investors.

Will FTX crush the market?

FTX, a cryptocurrency and derivative exchange, filed for bankruptcy in the last quarter of 2022 after experiencing a bank run. The bank run was initiated by the founder of rival exchange Binance, Changpeng Zhao, also known as CZ, who publicly announced that his exchange would be liquidating its FTT holdings, which was FTX’s native digital asset. FTX customers quickly rushed to withdraw their funds, and before long, the exchange filed for Chapter 11 bankruptcy, and Sam Bankman Fried stepped down as the CEO of the now-defunct exchange.

There is a court motion to give FTX legal rights to convert their crypto assets into fiat, estimated to be approximately $3 billion, to raise funds to cater for customer deposits. This is likely to increase the selling pressure on the market, causing fear and panic. However, investing in Bitcoin Spark could be the immune system crypto investors seek.

The Market is Crashing, but Bitcoin Spark is immune

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Bitcoin Spark is a new alternative that gives investors a chance to survive the imminent bear market catalyzed by the FTX debacle. The platform is a new Bitcoin alternative with exclusive features and improved technology to ensure its community members thrive in the DeFi space. Being a Bitcoin alternative, Bitcoin Spark looks to solve the tribulations in the parent blockchain network called Bitcoin.

Bitcoin Spark aims to develop a self-sustaining ecosystem that promotes the thriving of blockchain ecosystems such as digital economies, and the deployment of decentralized applications. Bitcoin Spark is among the few Bitcoin alternatives with smart contract layers that will support dApps. The layers allow devs to use any high-end or low-end programming language compatible with the EVM bytecode. Smart contracts play a major role in automating digital executions without manual interference.

Bitcoin Spark mimics Bitcoin’s tokenomics, with a maximum token supply of 21 million. The native token of the ecosystem is BTCS, which is also meant to be the gas token upon mainnet release. The project is currently in the ICO stage, and investors looking to overcome the imminent selling pressure can capitalize on purchasing BTCS tokens at a low price of $2.50.

Upon every purchase in the ongoing presale phase 5, each investment will yield 436% when the project debuts at $10 for every BTCS token. All purchasers will also automatically receive a 9% bonus from the team for actively participating in the Bitcoin Spark initial development process.

The platform allows its early adopters to earn passive income besides capital gains when BTCS tokens become more expensive with time. The project has an inbuilt mechanism to offer exclusive referral rewards to its community members. Every participant who invites a member who then proceeds to make a purchase worth $60 or more will automatically get 10% commission of the total amount purchased in BTCS tokens. Additionally, anyone who purchases BTCS tokens worth $60 and above using a referral link will also get 10% commission on the amount invested in BTCS, which would be worth much more during the launch period and the future.

Learn more about Bitcoin Spark on:

Website: https://bitcoinspark.org/

Buy BTCS: https://network.bitcoinspark.org/register


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