of the crypto future, is in trouble. The cryptocurrency, which had been lauded by FTX’s founder Sam Bankman-Fried, has been hit harder than any other major coin by the collapse of the exchange.
FTX and Alameda Research didn’t respond to requests for comment. Solana co-founder Anatoly Yakovenko tweeted that development company Solana Labs didn’t hold any assets on FTX and had enough financial runway for around 30 months. Another co-founder, Raj Gokal, said this was a “crucible” moment for the ecosystem, adding “each time, we’re stronger”.
SOL’s market capitalisation has shrunk about 55% since 2 November, from US$11.6-billion to $5.1-billion, according to data from CoinGecko. Ether’s market cap has fallen 21% to $150.7-billion, while bitcoin’s has fallen 18% to $319-billion. “This is what the old guys used to call ‘blood in the streets’,” said Martin Leinweber, digital asset product strategist at MarketVector Indexes. “There is no Fed or treasury here to support prices, so the market simply cleans things up.”
Coin Coin Latest News, Coin Coin Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
FTX demise weakens case for crypto as risk assetThe idea that bitcoin is a worthwhile part of a diversified portfolio is fraying, with huge losses caused by the unsound trading platform That thing is a fraud. Go into it at your peril
Source: BDliveSA - 🏆 12. / 63 Read more »
Source: BISouthAfrica - 🏆 34. / 51 Read more »