SOL - Why Ethereum Solana and XRP Are Falling Today
Cryptocurrencies continued to fall this weekend and into this morning, as the fallout and contagion from the FTX bankruptcy continue to plague the crypto market and exacerbate the crypto winter.
Since the market closed Friday, the price of the world's second-largest cryptocurrency, Ethereum (CRYPTO: ETH) , traded more than 6% down as of 10:50 a.m. ET today and currently hovers around $1,129. The price of Solana (CRYPTO: SOL) traded roughly 9% lower, and the price of XRP (CRYPTO: XRP) was down nearly 8%.
After FTX, one of the world's largest crypto exchanges, filed for bankruptcy a few weeks ago, crypto investors seemed to be losing faith in the industry. They are also concerned about just how many corners of the industry FTX had ties to. Recent court documents show that FTX owes more than $3 billion to companies that lent it money.
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Why Ethereum, Solana, and XRP Are Falling Today