Solana Crypto News: Sol Prices Lift 10% After New Protocol for Cross-Chain Transfers With Ethereum
Key takeaways
- Solana gained 10% on its price after deBridge, a cross-chain protocol, was launched
- The news comes as Solana’s Cardinal Labs announced its closure
- Crypto woes continue as Binance and Coinbase fallout rattles on
Solana saw a boost to its price this week after the launch of a new cross-chain transfer program that links the crypto to Ethereum, which has remained miraculously untouched by the ongoing fallout between cryptocurrencies and U.S. policy. Here’s the lowdown.
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What’s going on with Solana?
Solana prices gained 10% in the last 24 hours after the launch of deBridge, a protocol allowing for cross-chain transfers between Solana and Ethereum networks.
The news was a silver lining against an otherwise difficult time. Solana’s Cardinal protocol is winding down its operations, it tweeted earlier this week, citing an “incredibly difficult macroeconomic environment”. Cardinal Labs was an NFT infrastructure provider. Operations will apparently begin to shut down from July 19th onwards and withdrawals from the protocol must be completed by August 26th.
In a Twitter AMA, Ethereum founder Vitalik Buterin singled out Solana and other cryptocurrencies for “getting hit in this way”, referring to the SEC’s crackdown on crypto companies. Solana was deemed a security in both of the SEC’s lawsuits against Binance and Coinbase, which were filed earlier this month. Solana is 92% off of its all-time high price of $260.
What’s the latest in the wider crypto market?
Binance has been on a downward spiral in recent weeks after the SEC unveiled a huge lawsuit against the company and its CEO, Changpeng Zhao, over what the SEC called a “web of deception”. Binance denies the accusations.
Cryptocurrencies made fresh gains after BlackRock announced it was filing for its first crypto-focused ETF, but Bitcoin has dropped today as the SEC announced filings for the ETF from BlackRock and other funds looking to get in on the action, were inadequate.
Despite everything, even the Fed chair had to admit crypto was still attractive with retail investors. In a congressional hearing last week, he said the industry had “staying power” and needed proper regulation for it to continue.
The bottom line
Solana has made a decent gain this week, but the entire industry is under siege from the SEC and U.S. policies. Unfortunately, the war is set to continue for some time as investors experience continued volatility over crypto prices.
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