FTX's Solana sell-off triggers 7% price drop in crypto asset

cyptouser7 months agoCryptocurrencies News116

Solana’s price fell by around 7% during the last 24 hours after bankrupt FTX transferred 250,000 SOL tokens, worth approximately $14 million, to the Kraken crypto exchange on Nov. 13, according to on-chain data.

Blockchain analytical firm Peckshield corroborated this report, adding that FTX also transferred $3.99 million USDT to Binance and Wintermute during the last 24 hours.

These transactions follow a similar trend observed over the past several weeks. The bankrupt crypto firm has rapidly divested its crypto holdings, moving more than $300 million worth of assets. CryptoSlate reported that Solana accounts for more than half of these transfers, with the exchange moving 4.8 million SOL tokens, equivalent to $187 million, as of Nov. 8.

Nevertheless, the rapid sell-off may ease as the number of SOL tokens held in FTX’s public addresses on the Solana blockchain has dwindled to 3,408 tokens, valued at approximately $185,000, according to on-chain analyst Lookonchain.

Previously, the FTX estate boasted over $1 billion of Solana in its asset portfolio, establishing the cryptocurrency as its most substantial digital asset holding.

Solana takes a beating.

Solana’s current upward price movement has ground to a sudden halt during the last 24 hours, with its value declining by more than 7% to $54.27 as of press time, according to CryptoSlate’s data.

Over the past month, SOL’s value has risen by around 170% and over 500% on the year-to-date metrics amid the growing market optimism about the potential approval of a spot exchange-traded fund.

Solana’s robust price gains have led to a surge in fresh adopters, heightened liquidity, and a burgeoning fascination with its blockchain technology, enjoying adoption from major traditional institutions.

Additionally, decentralized finance activities on the blockchain are returning to previous highs, with the total value of assets locked on the network now exceeding $500 million, its highest level since FTX collapsed last year, according to DeFillama data.

SOL Price & Market Data

At the time of press, Solana is ranked #7 by market cap and the SOL price is down 7.75% over the past 24 hours. SOL has a market capitalization of $22.21 billion with a 24-hour trading volume of $2.97 billion. Learn more about SOL ›

Solana

14 Nov at 11:48 am UTC

$52.57

-7.75%

SOLUSD Chart by TradingView

Market summary

At the time of press, the global cryptocurrency market is valued at at $1.39 trillion with a 24-hour volume of $62.92 billion. Bitcoin dominance is currently at 51.17%. Learn more ›

The content on this website comes from the Internet. Due to the inconvenience of proofreading the authenticity and accuracy of the copyright or content of some content, it may be temporarily impossible to confirm the authenticity and accuracy of the copyright or content. For copyright issues or other issues caused by this, please Call or email this site. It will be deleted or changed immediately after verification.

related articles

UK trade association experiments with Regulated Liability Network

UK trade association experiments with Regulated Liability Network

1205f261˃UK Finance, a banking and finance trade association based in the United Kingdom, has announ...

Coinbase secures virtual asset service provider status in France

Coinbase has registered to provide cryptocurrency services in France, according to an announcement f...

TradFi firms now prefer public blockchains: Ex-Grayscale exec

TradFi firms now prefer public blockchains: Ex-Grayscale exec

1205f261˃Traditional financial institutions are more keen on tokenizing assets on public blockchains...

US court rules crypto influencer conducted unregistered offering of crypto asset securities

the U.S. District Court for the Western District of Texas granted partial summary judgment in favor...

Jihan Wu stands by Matrixport's contentious Bitcoin ETF analysis amid market shakeup

Matrixport co-founder Jihan Wu took to social media to address industry concerns regarding the compa...

Lens Protocol-based memecoin BONSAI hits $100 million valuation after latest funding round

MadFi, a developer team focused on blockchain innovations, has secured a $1 million angel funding ro...