FTX Receives Court Order To Sell $3.4 Billion Crypto, Is Solana Safe?

<p>&nbsp;Cryptocurrency exchange FTX on Wednesday finally managed to receive court approval to sell its $3.4 billion worth of digital asset holdings including Bitcoin (BTC), Ethereum (ETH) and Solana (SOL).</p><p><br /></p><p>Earlier, FTX just received approval from a Federal Judge to liquidate their crypto holdings.</p><p><br /></p><p>However, the new development could prompt the entire crypto market to witness a massive decline as such selling will lead to further liquidity in the digital asset.</p><p><br /></p><p><br /></p><p>Immediately after the announcement of the FTX sale, SOL saw a drop from $18.50 to $18 in just a few minutes but the price of the digital asset early this morning seems to have bounced back.</p><p><br /></p><p>Not only that, the latest filing from FTX also shows that their portfolio already holds Ripple (XRP), Wrapped Bitcoin (WBTC) and Aptos (APT), so the liquidity of these digital assets means that FUD among traders can be triggered.</p><p><br /></p><p>However, the price of SOL can still stand strong even though the digital asset has held the majority in the FTX portfolio.</p><p><br /></p><p>This is because SOL's $1.2 billion in FTX is mostly staked and cannot be sold, commented popular crypto analyst Michael van de Poppe, adding that this could prevent the price from falling drastically.</p><p><br /></p><p>As of this writing, SOL price has climbed 5.76% to $19.12 in the last 24 hours with a market capitalization of $7 billion but still recorded a 2.46% decline over the last week.</p>