TL;DR
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Bitcoin is up ~10% on the week, thanks to some positive news – but it was Solana that lead the market in gains, climbing 25%+ over the weekend.
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One of the darker clouds looming over SOL’s price has been the fact that FTX owned a bunch of SOL tokens.
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The fear being that the new owners would sell them off in the bankruptcy process – but late last week, the opposite happened!
Full Story
Bitcoin is up ~10% on the week, thanks to some positive news – but it was Solana that lead the market in gains, climbing 25%+ over the weekend.
Here’s what drove these gains:
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Last Wednesday, BlackRock amended its spot Bitcoin ETF application, which means the firm is one step closer to bringing Bitcoin to the stock market.
(Which would likely bring a massive wave of investment into Bitcoin).
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Later that same day, JP Morgan released a report saying it’s most likely that a spot Bitcoin ETF could get approved before January 10.
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As for Solana, one of the darker clouds looming over the project’s price has been the fact that FTX owned a bunch of SOL tokens.
The fear being that the new owners would sell them off in the bankruptcy process – but late last week, the opposite happened!
The FTX estate decided to stake roughly $122M worth of SOL, taking it off the market.
It’s charts like these that make us feel as though crypto winter may be thawing, and we may be entering the long awaited spring ☝️👇
