Stock Exchanges Started to Destroy: FTX Crisis Is Crashing This Altcoin!

Solana (SOL) is taking disastrous blows from many major exchanges amid the FTX-Binance crisis.

Central exchanges delist Solana due to FTX crisis

Recently, large-volume cryptocurrency exchanges OKX and CryptoCom announced that they have decided to delist Solana.

  • OKX has announced that it will delist its Solana futures from November 10. The exchange will also stop the spot Solana processes.
  • CryptoCom has suspended USDT and USDC transfer processes over the Solana network.

OKX said in a statement on its website:

SOLUSD liquidity has deteriorated in light of recent market conditions. To avoid unforeseen market risks and to optimize the overall user experience, OKX will delist SOLUSD futures contracts (including weekly, bi-weekly, quarterly, bi-quarterly contracts) on 10 November 2022 at 10:00 AM.

Crypto.com suspends Solana processes

Citing recent events in the sector, Crypto.com informed its customers that it has suspended deposits and withdrawals of USDC and USDT on the Solana network.

In the midst of this, after crypto.com suspends withdrawal processes, the exchange said it has waived its redemption prices for depositing USDC and USDT on the Solana network for two weeks.

$1B Solana unlocked amid FTX crisis

Koindeks.com We have stated that 18 million Solanas (SOL) will be unlocked in the next 24 hours. This metric represents 13% of the total Solana supply. The locks will open at 13:00 tomorrow.

At the moment, investors are concerned that FTX and the contact company Alameda will sell a significant amount of Solana. “Solana Labs has no random presence on FTX,” the Solana co-founder said in a recent statement.

But amid concerns, the price of Solana is falling hard. It has lost around 40% in value in the last 24 hours alone. It fell to 12th place at the expense of the market.

Similar Articles

Comments

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Advertisment

Most Popular