Accéder au contenu principal

FTX Bankruptcy Is Now One-Year Old

It’s hard to believe it’s been a whole year since the shocking collapse of crypto exchange FTX. A lot has changed in the crypto world since then, but most cryptocurrencies have been relatively less volatile since the whole debacle ended, save for the recent bull run in October.

Solana, one of the cryptocurrencies closely tied to FTX’s Sam Bankman Fried, took a major beating in the aftermath. But Solana has now regained its footing in the past month, as it finally starts to move beyond the FTX bankruptcy shadow. 

How Has Solana Fared Since FTX Bankruptcy?

FTX filed for bankruptcy in November 2022 following a protracted period of back and forths that rocked the cryptocurrency markets. Sam Bankman-Fried was a big supporter of Solana, backing projects in its ecosystem.

FTX also had a big stash of Solana in its balance books before its bankruptcy. According to CoinGecko, FTX is one of Solana’s largest holders, with approximately 55.8 million SOL, almost 10% of the total supply. 

As one of the largest holders of Solana’s native token, FTX’s collapse sent SOL reeling. Many investors had worried FTX’s issues could spill over to Solana’s ecosystem.

The crypto was already down more than 87% in November 2022 from its all-time high of $260. SOL was trading around $32 at the time rumors came out of FTX’s insolvency but plunged to $11 within days of the exchange’s bankruptcy announcement.

SOL market cap at $25 billion today. Chart: TradingView.com

Since then, SOL has been on a mild movement. The crypto found a bottom around $9.98 at the beginning of the year and has climbed steadily since. It spent most of the year trading between $23 and $27 from January to October.

Money Flows In

However, things changed in the middle of October, as the whole industry witnessed an inflow of money. This rally was largely in part due to Bitcoin’s surge in anticipation of the approval of spot Bitcoin ETFs in the US. 

Solana is now trading at $59.98 and is up by 501% from its January bottom of $9.98. FTX’s Solana holdings had grown by $2.79 billion since the beginning of the year, with  $2.158 billion coming in the last 30 days alone. 

Solana’s massive rally has increased the possibility of FTX customers recovering more of their lost money. A US judge has given the bankrupt exchange permission to liquidate its cryptocurrency holdings worth over $3.4 billion, including $1.1 billion in SOL. However, a large portion of FTX’s SOL holdings (42.2 million tokens) are still locked up and not immediately tradable on the market.

According to crypto analyst Jacob Canfield, Solana could easily trade over $1,000 per coin and take the second spot behind Bitcoin. 

Featured image from Shutterstock


Source link

The post FTX Bankruptcy Is Now One-Year Old appeared first on Job From Home Blog.

Libellés :

Commentaires

Enregistrer un commentaire

Posts les plus consultés de ce blog

Jojobet (464)

Jojobet bahis adresi ua – En Güvenilir Bahis Sitesi 2021 Jojobet bahis adresi ua – En Güvenilir Bahis Sitesi 2021 Geri dönüşü yüksek bir heyecana hazır olun! Heybetli rekabet atmosferinde keyifli bir oyun deneyimi sunan öncü bir bahis platformuna hoş geldiniz. İnternetin en güvenilir ve güçlü adreslerinden biri olarak, size en üst düzey kalite standartlarına sahip online bahis fırsatlarını sunmaktan gurur duyuyoruz. Bahis ve şans oyunları tutkunlarının beklentilerini aşan kapsamlı hizmetlerimizle sizi unutulmaz bir yolculuğa çıkarmak için buradayız. Profesyonel ekibimiz, Türkiye’nin en donanımlı ihtiyaçlarına uygun olarak sürekli yenilenen bahis seçenekleriyle geniş bir kumarhane atmosferi ile etkileyici deneyimler sunar. Farklı spor dallarında eşsiz tahmin ve analiz araçlarıyla dolu olan platformumuz, kazandıran oranlarla sizden tam not alacaktır. En yeni teknolojik yazılım alt yapımız sayesinde, kesintisiz ve sorunsuz oyunculuk deneyiminin tadını çıkarabilirsiniz. Şansın, yetene...
Enregistrer un commentaire
Lire la suite

$3 Million Stolen In ‘Kraken’ Crypto Con

The surge in online scams has drawn heightened regulatory attention towards the crypto industry. A recent case serves as a vivid reminder of the risks involved, where a Connecticut resident became a victim of a significant scam, losing more than $3 million to individuals falsely purporting to be associated with Kraken, a well-known cryptocurrency exchange. The victim, who remains unnamed, was based in Westport and followed advice to transfer funds out of a retirement account, intending to reinvest the money in an account supposedly linked to Kraken. However, their decision led to more than $3 million swiftly disappearing into crypto wallets they could not access. Recovery Of Stolen Crypto Funds Fortunately, the victim sought help from law enforcement, and local detectives, collaborating with the state’s Organized Crime Task Force, launched an investigation. This diligent effort enabled them to trace the transactions and freeze accounts involved in the scam. While they managed to r...
Enregistrer un commentaire
Lire la suite

Space loves AI, AI doesn’t love Space

Space-related applications of artificial intelligence and machine learning are often confined to the ground because moving AI onboard satellites, while promising, is significantly more difficult. “Running AI in space is like running a marathon on the moon — impressive if achieved, but limited by the environment,” said Sylvester Kaczmarek, chief technology officer at OrbiSky Systems, a London startup focused on AI edge operations. Advanced processors are power hungry, meaning satellites with onboard AI require large solar panels and extra batteries. Plus, “radiation in space can fry electronics,” Kaczmarek said. Power management is another problem. Many AI devices require very high currents at low voltages. “The demands that AI devices place on power management are new to the space industry,” said Bert Vermeire, Voyager Space chief technology officer. “There are no good solutions with space heritage and it is difficult to identify efficient and small form factor power and manageme...
Enregistrer un commentaire
Lire la suite