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Solana, Bitcoin SV Biggest Gainers From SEC Bitcoin ETF-Fueled Pump

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Mon, 16/10/2023 - 16:10
Solana, Bitcoin SV Biggest Gainers From SEC Bitcoin ETF-Fueled Pump
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Solana (SOL) and Bitcoin SV (BSV) are among the biggest gainers of a pump, driven by speculation that the iShares Spot Bitcoin ETF application had been approved by the SEC.

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Solana jumped as much as 11%, while Bitcoin SV rose as much as 15%. Bitcoin, meanwhile, surged as much as 10% to hit $30,000 in a flash pump.

However, the news turned out to be fake; according to Bloomberg, a spokesperson stated that "the iShares Spot Bitcoin ETF application is still under review by the SEC."

Shortly after the report of a spot Bitcoin ETF approval was confirmed to be untrue, Bitcoin reversed its earlier gains and returned to trade near the $28,000 mark.

Solana's SOL was up 6.43% in the last 24 hours to $23.21 at the time of writing. Bitcoin SV, a Bitcoin fork, rose 14.37% in the last 24 hours to $38.52, making it the highest gainer among the top 100 cryptocurrencies by market capitalization.

Solana faces greater interest

The collapse of FTX and its sister company, Alameda Research, had a particularly negative impact on Solana's ecosystem.

Alameda was well known for its early involvement with Solana and for holding a considerable number of the native SOL tokens.

Solana fell subsequently but has since made a strong comeback this year, outperforming ETH in risk-adjusted terms.

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Solana (SOL): Cross-chain Bitcoin (BTC) Liquidity in DeFi Arrives via Wormhole

According to a recent report by crypto research firm Kaiko, despite its significant price growth this year, SOL's 1% market depth is around $16 million, down from $34 million a year ago.

SOL's market depth in native units and USD terms grew in Q3, indicating greater interest and market maker activity in the aftermath of a partnership with Visa and other possibly favorable news events.

In positive news, the Solana Foundation has become an ecosystem partner for the Dubai Multi Commodities Centre (DMCC), one of the free economic zones in the United Arab Emirates.

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