Crypto exchanges Binance and OKX introduced momentary suspension of USDC (SOL) and USDT (SOL) deposits. The event comes after current suspension of USDC and USDT on Solana deposits and withdrawals by crypto.com. Crypto.com cited recent industry events for the choice. In the meantime, the Solana (SOL) value is dropping sharply following this announcement.
Within the final one hour, SOL value dropped 3.48%. As of writing, Solana (SOL) value stands at $13.70, down 3.03% within the final 24 hours, in line with value monitoring CoinMarketCap. The newest influence on SOL provides to the already worse state of affairs within the ongoing bear market. The FTX meltdown adopted by its chapter announcement marked an enormous drop in crypto costs over the past one week. Whereas Bitcoin (BTC) value stands at $16,576, the FTX Token (FTT) value is at the moment at $1.63, down 0.41% within the final 24 hours. The FTX token dropped round 95% in worth over the past 10 days.
Binance Suspends Solana Blockchain Deposits With USDT, USDC
In a modern, high crypto alternate Binance stated in an announcement it was briefly suspending deposits of USDC (SOL) and USDT (SOL). With this, Binance joined the record of main crypto exchanges that positioned suspension on Solana transactions. Apart from crypto.com, OKX and Bybit additionally introduced the USDC (SOL) and USDT (SOL) deposit suspension.
“Deposits of USDC (SOL) and USDT (SOL) have been briefly suspended till additional discover.”
In the meantime, Binance CEO CZ on Thursday revealed some interesting insights from the FTX takeover deal talks. He stated that the misappropriation of consumer funds on the alternate was fairly clear from the FTX information. He additionally stated it was fairly clear Sam Bankman-Fried used FTX buying and selling funds for Alameda Analysis. “He has been in all probability doing this for fairly some time till just lately and other people knew.” CZ clarified that Binance doesn’t use BNB as collateral, when requested concerning the FTX token state of affairs.
Solana (SOL) has been massively impacted by the FTX meltdown over the past two weeks owing to the alternate’s hyperlinks to the blockchain community. The cryptocurrency witnessed extreme promoting stress after contagion unfold about FTX collapse. The principle motive was the hypothesis about Alameda contemplating sale of its SOL holdings.
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