Solana leads crypto slump with FTX-affiliated projects in distress

NEW YORK. A three-day decline for crypto altcoin Solana deepened yesterday, while developers spun off one of the blockchain network’s most prominent and FTX-affiliated projects.

Solana fell as much as 14 per cent to $12.86 as of 1 p.m. in New York. Crypto bellwethers Bitcoin and Ether have lost about 2 per cent each in the last 24 hours. The hypothetical market value of the crypto has shrunk to about $833 billion from around $3 trillion about a year ago, according to data from CoinMarketCap. Other altcoins including Polkadot, Avalanche and Tron, typically more volatile than larger cryptocurrencies due to lower liquidity levels, lost between 1.7 per cent and 5.4 per cent. (Bloomberg)