TL; DR
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Bitcoin is up ~10% this week on positive news, but it was Solana who led the market in gains, surging over 25% over the weekend.
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One of the dark clouds looming over the price of SOL was the fact that FTX owned a number of SOL tokens.
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The fear was that the new owners would sell them during the bankruptcy process – but late last week the opposite happened!
Full story
Bitcoin is up ~10% this week on positive news, but it was Solana who led the market in gains, surging over 25% over the weekend.
Here’s what caused these gains:
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Last Wednesday, BlackRock changed its spot Bitcoin ETF application, meaning the company moved one step closer to bringing Bitcoin to the stock market.
(Which would probably cause a huge wave of investment in Bitcoin).
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Later that same day, JP Morgan released a report stating that it is highly likely that a spot Bitcoin ETF could be approved before January 10.
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As for Solana, one of the dark clouds looming over the project’s price was the fact that FTX owned a number of SOL tokens.
The fear was that the new owners would sell them during the bankruptcy process – but late last week the opposite happened!
The FTX estate decided to stake about $122 million worth of SOL, taking it off the market.
It’s charts like these that make us feel like the crypto winter is thawing and we might be entering the long-awaited spring ☝️👇