When the Luna fiasco occurred in mid-2022, everyone was trying to predict how long the decline in cryptocurrencies would last. Amidst this downturn, the idea that the market could recover was becoming more widespread when a significant event occurred: FTX, which had no known issues until that day, experienced a major collapse due to its CEO Sam Bankman-Fried using customer funds. The collapse led to the bankruptcy of the exchange and the imprisonment of SBF, but the events did not stop there.
FTX Events and Consequences
The collapse of the exchange brought along many victims and a troubled process. After this process, it was observed that many cryptocurrencies, including Bitcoin and Solana, fell. Especially about Solana, comments were made that it was over because FTX was thought to be the power behind Solana.
Later, the management of FTX was taken over by a completely different team, and it was decided how to manage the process. After all this process, FTX announced that the exchange had gone bankrupt and that creditor payments would be made, but the problem was in the pricing. FTX announced that it wanted to make payments not at the current rate but at very low past levels, and this situation received great backlash.
Today, a historic decision was announced by the CFTC, and it was decided that the exchange would make a payment of 12.7 billion dollars. After this decision, what the exchange will do has already become a matter of curiosity.
Bitcoin Price
Aside from the CFTC’s decision, eyes were on the cryptocurrencies that were seen to be rising today. Bitcoin, which is at the top of the sector, had made a strong move towards 60,000 dollars but then pulled back a bit. Last Monday, BTC price was seen to have fallen to 48,800 dollars. Despite this, after a 7.15% rise in the last 24 hours, the price is trading at 59,500 dollars.
After this price movement of Bitcoin, the market cap exceeded 1.17 trillion dollars, and there was activity in the 24-hour trading volume, turning positive. The trading volume increased by over 7% and reached 43.6 billion dollars.
Today, the rise in Ethereum price also pleased its investors. While strong inflows and outflows continued on the ETF side, ETH price also rose by 8.75% and is trading at 2,588 dollars. The market cap of ETH also exceeded 310 billion dollars.
During the FTX events, Solana, which suffered great losses and fell to single-digit prices, also rose by over 7.5% with the approval of its ETF in Brazil and the general upward trend in the market, surpassing 157 dollars. In the early months of 2024, the SOL price was seen to have risen above 200 dollars.
