Solana leads crypto slump with FTX’s serum project In distress
Major cryptocurrencies were mostly higher after Binance Holdings Ltd.’s Chief Executive Officer Changpeng ‘CZ’ Zhao said the world’s largest digital-asset exchange plans to set up an industry recovery fund. Zhao said Monday the goal was to “reduce further cascading negative effects" .
Bitcoin spiked after the tweet but later paired back some of those gains. At 10:23 a.m. in New York, the token was up 1.2% to $16,567. Earlier, it approached the year’s low following a 3.4% intraday drop. It tumbled 23% last week. Solana, a token associated with Sam Bankman-Fried’s broken FTX empire, snapped a three-day retreat to add as much as 11%.
Source
@Solana_Updates
