SOL Price Freefalls as Crypto Exchanges Suspend USDT, USDC Transfers on Solana

2022-11-18 21:00

There is a sharp drop in Solana (SOL) price as exchanges suspend deposits of stablecoins on the Solana network.

Update Nov 17. (17:30UTC): Binance has since announced that deposits of USDT (SOL) token have resumed. However, the price is still down over 6% at the time of writing

Binance announced that they are temporarily suspending deposits of USDC and USDT on the Solana network until further notice. BitMex and ByBit too suspended the deposits along with Binance. 

OKX took one step further ahead and announced to delist USDC and USDT tokens on the Solana network. The announcement from the above exchanges doesn’t mention any more details.

Update: After internal assessment and review, Binance resumed the deposits of USDT on the Solana network. However, there is not much clarity on USDC.

Why are exchanges suspending the deposits?

Last week, Crypto.com halted the deposit and withdrawals of USDC and USDT on the Solana network. The reason they gave users via email was that they had to work on this step because of “recent industry events.”

The CEO, Kris Marszalek, explained the reason for the suspension that they do not want any additional risks from FTX exposure. FTX was the major bridge for the SOL-based stablecoins.

However, a segment of the community also believes that Chinese exchanges are colluding to take down Solana, a competitor to Binance Smart Chain.

This is war.

— Mr.Reagan (@MrReagan5) November 17, 2022 The impact on Solana

FTX and Alameda research owned 58 million SOL tokens, representing nearly 11% of the total supply. Since the whole FTX collapse episode, SOL has been hit the worst. The price of SOL has been down by nearly 60% since last week.

SOL has broken all the key supports. $15 was necessary to support, but the coin gave a weekly close below it. Hence the support will work as resistance now. However, in early 2021, SOL spent a few weeks from $15 to $11. It should sustain the support of $11 if there is a slight chance of recovery anytime soon. If $11 is broken, there is not much support before $4.69.

Source: TradingView, SOL/USDT

Got something to say about Solana or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on Tik Tok, Facebook, or Twitter.


For BeInCrypto’s latest Bitcoin (BTC) analysis, click here

The post SOL Price Freefalls as Crypto Exchanges Suspend USDT, USDC Transfers on Solana appeared first on BeInCrypto.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Solana (SOL) на Currencies.ru

$ 177.34 (-0.09%)
Объем 24H $3.154b
Изменеия 24h: 2.68 %, 7d: 21.36 %
Cегодня L: $168.09 - H: $178.78
Капитализация $79.622b Rank 5
Цена в час новости $ 13.68 (1196.35%)

solana exchanges suspend sol price transfers freefalls

Источник: beincrypto.com

solana exchanges → Результатов: 30


Raydium Review – How To Use Raydium Exchange?

With the rise of Solana in the past few months to become one of the top seven cryptocurrencies by market cap, more attention has been focused on decentralized exchanges and applications on the scalable blockchain As of September 16, 2021, there are 338 platforms on the Solana ecosystem with an average daily volume of $80 […] The post Raydium Review – How To Use Raydium Exchange? appeared first on CaptainAltcoin.

2022-5-9 18:57


Raydium Review [2022] – How To Use Raydium Exchange?

With the rise of Solana in the past few months to become one of the top seven cryptocurrencies by market cap, more attention has been focused on decentralized exchanges and applications on the scalable blockchain As of September 16, 2021, there are 338 platforms on the Solana ecosystem with an average daily volume of $80 […] The post Raydium Review [2022] – How To Use Raydium Exchange? appeared first on CaptainAltcoin.

2022-3-15 12:43


Beyond DEX: The Future of Crypto Trading on Solana Is Called Secretum

Crypto asset trading has continued to skyrocket in 2021, hitting new and unprecedented records: Volumes reached $3. 8 trillion in April 2021 when bitcoin hit its all-time high. Between August 2020 to 2021, the traded value on large decentralized exchanges (DEXs), like Curve, Uniswap, and PancakeSwap grew by about 550% Major centralized exchange (CEX) Binance’s spot cryptocurrency trading volumes totaled $789 billion in September, versus $454 billion (€390.

2021-12-9 13:07


Solana blockchain receives $100M investment from 5 different funds to grow its ecosystem

CryptoNinjas » Solana blockchain receives $100M investment from 5 different funds to grow its ecosystem The Solana Foundation, overseers of the upstart layer-1 proof of stake (PoS) Solana blockchain protocol, announced today it has partnered with exchanges Huobi and Gate Labs, plus investment funds NGC Ventures and HashKey Group, in addition to MATH, a multi-platform cross-chain wallet, to launch five strategic investment funds to accelerate the development of key projects […] CryptoNinjas » Solana blockchain receives $100M investment from 5 different funds to grow its ecosystem

2021-5-9 22:05


OKEx and MXC bring $40M of new capital to grow Solana (SOL) ecosystem

CryptoNinjas » OKEx and MXC bring $40M of new capital to grow Solana (SOL) ecosystem The Solana Foundation, overseers of the Solana Layer-1 proof of stake blockchain, announced today it has partnered with crypto exchanges, OKEx and MXC, to launch two strategic investment funds that will bring $40 million of new capital to accelerate the development of key projects in the Solana ecosystem.

2021-3-26 23:32


Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

Bitcoin, Ethereum, And Solana: Galaxy Digital CEO Predicts Next Market Movements

Mike Novogratz, the CEO and founder of Galaxy Digital, shared his insights on the current state of the cryptocurrency market.  According to Bloomberg, Novogratz predicts that Bitcoin (BTC) will likely remain within a relatively narrow trading range for the current quarter as the adoption of cryptocurrencies in traditional finance continues to evolve.

Pantera Capital buys more Solana (SOL) from FTX

Pantera Capital has purchased more Solana (SOL) from the FTX bankruptcy estate. FTX is auctioning off SOL, with more tokens to be sold to winning bidders. Pantera Capital has acquired another stockpile of Solana (SOL) tokens at discounted prices from the FTX bankruptcy estate, Bloomberg reported.

Figure Markets CEO confirms FTX’s auction of remaining locked Solana (SOL)

FTX to auction the remaining locked Solana (SOL) tokens. The last SOL token sale by FTX attracted significant buyer interest. Figure Markets confirms it will participate in the auction. The embattled FTX cryptocurrency exchange is set to auction the remaining locked Solana (SOL) tokens from its estate.

Velo and Solana partner to establish a clearing house for Laos’ Digital Gold

This strategic initiative aims to expand Laos’ Digital Gold user base. Solana will act as the blockchain settlement layer. Velo will be responsible for securely validating transactions. Velo and the Solana Foundation have signed a Memorandum of Understanding (MOU) to establish a clearing house for transactions related to Laos’ Digital Gold.