Following a tumultuous period for cryptocurrencies, FTX, the troubled cryptocurrency exchange, has decided to divest a significant portion of its shares in the AI enterprise Anthropic. The decision comes as an effort to raise funds in the wake of the company’s financial collapse, which has also sent ripples of uncertainty across the crypto market. FTX’s deteriorating condition was exacerbated by missteps, including substantial investments in various sectors prior to bankruptcy.
Exchange’s Financial Maneuvers
FTX is set to part with two-thirds of its Anthropic stake for a total of $884 million. This move is part of a series of actions taken by the exchange’s new management team, which had previously acknowledged the slim chances of reviving the bankrupt entity. The team had also revealed prices for liquidating the exchange’s cryptocurrency assets, which were considered significantly lower than market values, leading to backlash from creditors.
Recovery and Resilience of Solana (SOL)
Despite the market turbulence, Solana, a cryptocurrency that took a severe hit from the FTX fallout, has shown signs of recovery. From a low point of $9, SOL has recently soared to $210 and maintains a strong position, trading close to $191 as it approaches the $200 mark once again. This resurgence has reinvigorated investors’ enthusiasm and has helped SOL reclaim its spot as the fifth-largest cryptocurrency by market volume.
The trading volume of SOL has witnessed a 96% surge within a single day, crossing the $4.1 billion mark. This substantial increase signifies a growing interest and heightened trading activity among investors in the SOL market.
Currently, as SOL’s market capitalization exceeds $84 billion, it competes closely with BNB for market position. With the current positive trend, SOL is within reach of its all-time high of $260, raising expectations among stakeholders for a potential new record in the days ahead.