Solana Hits 14-Month High Amid Bitcoin’s Uptick and FTX’s SOL Selloff 

Written by BTSE

November 2, 2023

The cryptocurrency market saw a modest uptick, with Bitcoin climbing to $35.7K, marking a 3.81% increase, and Ethereum rising to $1.87K, up 3.32%. Amidst these gains, Solana (SOL) surged to a 14-month high, touching $41.94, which is a 9.44% rise. However, there’s talk of upcoming sell pressure as FTX has unstaked $65 million worth of SOL, indicating potential increased liquidity on the market. Will this selling wave alter Solana’s rally?


What to Watch Out for Today


Near Token Price Surges Amid Nym Partnership, Ahead of Conference: The Near Protocol’s native token, NEAR, soared by 11% after announcing a strategic partnership with Nym Technologies. The Near Foundation is integrating Nym’s privacy infrastructure, aiming to bring enhanced privacy to transactions on its blockchain. This announcement comes just before Near’s annual conference, Nearcon, in Lisbon. The integration of Nym’s mixnet could be a significant step forward for privacy in the blockchain space, potentially setting a new standard. How might this development change the landscape of blockchain privacy?


PayPal Secures Crypto Registration in the UK: PayPal has obtained a crypto service provider registration with the U.K.’s Financial Conduct Authority (FCA), enabling the payments giant to resume offering crypto-related services to its British customers. This move aligns with the stringent AMLD5 regulations and marks a significant step for PayPal in adhering to the U.K.’s financial regulatory framework. With the deadline for compliance fast approaching, the registration ensures PayPal can promote cryptocurrency investments within the prescribed rules. Could PayPal’s entry into the regulated U.K. market spark greater interest in crypto in the country?


Crypto Venture Funds Variant, 1kx Lead $6M Funding Round for ZK-Meets-AI Startup Modulus: Zero-knowledge proofs meet artificial intelligence at Modulus Labs, which has successfully raised $6 million in seed funding led by Variant and 1kx. The funding round also saw participation from prominent players in the blockchain ecosystem. Modulus aims to integrate ZKML (zero-knowledge machine learning) into smart contracts, enhancing the security of AI models on the blockchain. This infusion of capital is set to bolster their product development and could redefine the fusion of AI and blockchain security. Could this lead to a larger bullish trend among AI tokens?  


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Note: BTSE Blog contents are intended solely to provide varying insights and perspectives. Unless otherwise noted, they do not represent the views of BTSE and should in no way be treated as investment advice. Markets are volatile, and trading brings rewards and risks. Trade with caution.

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