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After the summit in November 2021, everyone was expecting a different Bitcoin scenario, but the expectations were not met. The price of Bitcoin had plummeted from its peak of $69,000, starting an unstoppable decline. The first blow to the recovering market in 2022 was dealt by Do Kwon and Terra. The second blow came from Sam Bankman-Fried and FTX.
FTX Sells Shares
According to a recent announcement, the FTX exchange will sell two-thirds of its stake in the AI startup Anthropic for $884 million.
Previously, Sam Bankman-Fried and his exchange FTX had invested in many areas but later faced a significant setback and went bankrupt. The team that took over the company later tried to recover the exchange but admitted they were unlikely to succeed.
FTX had recently announced the prices at which they would sell the cryptocurrencies they held. The prices were well below the market, which led to significant protests from the exchange’s creditors.
However, things seem to be going well for Solana, one of the cryptocurrencies most affected by the FTX events.
What is Solana’s Price?
After the FTX events in 2022, the entire market was in turmoil, and perhaps Solana (SOL) took the biggest hit. The price of SOL had dropped to $9 by the end of that period.
The cryptocurrency has since recovered, recently rising to $210, causing great excitement among its investors.
As of the beginning of 2023, SOL’s rise continues, and today it seems to be doing well, trading around $191 and approaching the $200 level again.
SOL’s market capitalization has also surpassed $84 billion once again, making it the fifth-largest cryptocurrency by market volume. BNB and SOL continue to periodically swap places.
The market volatility has also reflected in SOL’s 24-hour trading volume, which saw a 96% increase, surpassing $4.1 billion. This highlights how much the trading activity involving SOL has increased among investors.
While all this is happening, SOL is only about 26% away from its all-time high (ATH) of $260. If things continue to go well, we might see SOL refresh its ATH in the coming days.
