Why bitcoin (BTC) rises despite the prospect of dumping US$3.4 billion in cryptocurrencies on the market — and Huobi's controversial name change

Justin Sun, founder of Huobi and the Tron network, changed the name of his brokerage to HTX and generated reactions on social media due to its proximity to the name FTX
The investor who follows the cryptocurrency market screen prices may be more bored than usual. Bitcoin (BTC) has been climbing prices in short steps, but managed to accumulate an increase of almost 3% in the week, according to Coin Market Cap.
However, if prices continue without sudden movements, the news continues to come out in full swing. Last Wednesday (13), the bankrupt cryptocurrency brokerage (exchange) FTX received formal authorization to sell approximately US$3.4 billion in digital assets.
On the day of the announcement, bitcoin fell to US$25,000, approaching a negative “Death Cross” graphic pattern, which usually precedes even more intense falls.
But that's not what happens this Thursday (14). The largest cryptocurrency in the world continues on an upward trend and is on track to close its third consecutive day of increase.
And it's all thanks to Justin Sun, founder of Huobi and the Tron network, who promised to buy part of FTX's assets to cushion the impact on the market.