Solana Network USDC and USDT Deposits Suspended On Binance, OKX and Bybit
When you think it is the end of bad news, new news comes up to shake everything once again. Binance announced that Solana network-based USDC and USDT deposits are suspended. So you cannot deposit USDC and USDT if you have that on Solana.
The effect of FTX collapse is way more than you think. Maybe it will bring the BTC price all-time low. FTX CEO Sam Bankman-Fried was an early investor in Solana. FTX invested in many projects in the Solana blockchain.
Since there are close ties with FTX and Alameda Research, with the ongoing crisis, Solana is affected negatively. SOL price dropped a lot and it is trading around $13.72 at the time of writing this post.
We know how popular Solana was in the last bull run and how a huge amount of funds flowed into this project. Now the situation has changed completely. Only time will say how everything turns around and how Solana makes its move to face challenges.
Not only the largest crypto exchange Binance suspended Solana-based USDC and USDT deposits but also OKX and Bybit did the same thing. You cannot deposit USDC and USDT in OKX and Bybit from the Solana network. That will create more negative vibes in the crypto sphere.
In a bull market, you cannot predict what is going to happen in a bear market. What happened so far in crypto in this bear market, did you imagine that in 2021? I think a bear market teaches valuable lessons that you may not learn in any way. It will teach you to stay humble and navigate the crypto market in a better way.
People say that follow the money. If some projects are funded with a huge amount of money, they can do better. When you notice cash inflow and outflow, it will give valuable information. But a project that is highly funded by investors does not mean it will be successful and do better in the future.
You take a look at the investors behind a project. If reputed investors put their money into a project, you usually think that the crypto project has a good chance to make progress and do better.
At the same time, in case a big investor of a project files for bankruptcy and goes out of business, that impacts the crypto project in a negative way. FTX collapse is a good example of that and what's happening in Solana right now.
So what do you think? Please feel free to leave your comments. Thank you for reading this post. That's it for now. I'll be back with another post.
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Am quite sure they will be back again. Just like hive was suspended on binance but now it's still active. The sudden fall of FTX was the cause. Thanks for sharing
Let's see what happens!
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Solana was being backed up by VC money and I think the issues were kind of crazy. You would think those issues would get resolved and they wouldn't have to halt the chain every now and then. So without the VC money by people like SBF, I think it may survive but it's not really going to do that well.
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It's a good example of the downside of VC money in crypto projects. Solana will face more challenges to move forward.
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Understanding that right now this is causing many people losses, but I also know that there are many making a lot of money with this movement.
There is a phrase that says: "It’s good fishing in troubled waters".
My respects to those who have been affected and have not been able to take any action in time.
I hadn't heard this news yet, luckily I don't have Solana, thanks for sharing.
People will not feel comfortable holding USDC and USDT on Solana anymore. In crypto, things can change suddenly. You have to adjust and make your moves accordingly.
Thank you for your feedback!
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