During the weekend, crypto assets, especially altcoins, experienced a suspicious drop in prices and left the community wondering what could have been the cause.
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Assets Related to DCG Plunges
Recently, there has been increased concern regarding the state of finance of Digital Currency Group after Genesis Trading, a DCG lending firm halted withdrawals some weeks ago.
Within 24 hours during the weekend, several crypto assets plunged significantly and triggered fears in the entire crypto world, leaving people with thoughts of why it is happening.
Crypto assets like Filecoin, Ethereum Classic, NEAR, and other assets related to Digital Currency Group all dropped by an average of 10%, the same with Binance-backed assets namely BNB, Trust Wallet Token, and so on, Algorand, Cardano, Chainlink, Avalanche, and Solana all plummeted in value during the massive sell-off.
Why the crypto market experienced a massive sell-off during the period is unclear to many but there was speculation in the community that the DCG is selling off their assets massively which then justifies why altcoins especially the DCG-related ones have been experiencing a notable drop in their values.
Will Clemente, the co-founder of Reflexivity Research noted the incident in a tweet on Saturday.
Karl, another crypto analyst said in a tweet that he “would not be surprised if this sell-off is a desperate attempt to liquidate what else they can before announcing bankruptcy soon.”
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