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( Natural News ) The liquidity crisis affecting cryptocurrency exchange platform FTX has also impacted other major crypto players – including Solana and its token SOL .
Earlier this month, FTX entered a downward spiral that saw the company’s fortunes crumble to almost nothing within the span of days. Binance, a rival crypto exchange, initially offered to buy the company. But less than 48 hours later, the potential deal fell through , causing what little value the market still had for FTX to wither away. (Related: Binance backs out of bailout plan to rescue FTX, causing further turmoil across crypto markets .)
The problem for FTX is the fact that its founder and CEO, Sam Bankman-Fried, has close ties to many other crypto assets, dubbed as “Sam coins.”
Among such coins is Solana’s SOL, which is heavily backed by Alameda Research, a crypto trading firm founded and run by Bankman-Fried. SOL’s value has collapsed since the start of the liquidity crisis. One SOL token is currently worth around $14. On Tuesday, Nov. 8, it was trading at $30 per token . SOL’s remaining value could collapse if FTX’s holdings are liquidated
SOL’s deep ties to FTX have turned it into a proxy for the collapsing company in the eyes of crypto traders. Its value has already nearly vanished from its peak of almost $80 billion in Nov. 2021 to just over $6 billion now. Furthermore, the Solana blockchain has been plagued by a series of mishaps, including hacks and outages.
“I do worry about the impact this will have, given Alameda had large holdings in SOL that could get liquidated,” said crypto entrepreneur Tristan Frizza. SOL is the second-largest holding of Alameda, representing about 10 percent of Solana’s market cap.
“Solana has a rough couple of days ahead of it. The immediate […]
Will America-First News Outlets Make it to 2023?
Things are looking grim for conservative and populist news sites.
There’s something happening behind the scenes at several popular conservative news outlets. 2021 was bad, but 2022 is proving to be disastrous for news sites that aren’t “playing ball” with the corporate media narrative. It’s being said that advertisers are cracking down, forcing some of the biggest ad networks like Google and Yahoo to pull their inventory from conservative outlets. This has had two major effects. First, it has cooled most conservative outlets from discussing “taboo” topics like Pandemic Panic Theater, voter fraud, or The Great Reset. Second, it has isolated those ad networks that aren’t playing ball.
Certain topics are anathema for most ad networks. Speaking out against vaccines or vaccine mandates is a certain path to being demonetized. Highlighting voter fraud in the 2020 and future elections is another instant advertising death penalty. Throw in truthful stories about climate change hysteria, Critical Race Theory, and the border crisis and it’s easy to understand how difficult it is for America-First news outlets to spread the facts, share conservative opinions, and still pay the bills.
Without naming names, I have been told of several news outlets who have been forced to either consolidate with larger organizations or who have backed down on covering certain topics out of fear of being “canceled” by the ad networks. I get it. This is a business for many of us and it’s not very profitable. Those of us who do this for a living are often barely squeaking by, so loss of additional revenue can often mean being forced to make cuts. That means not being able to cover the topics properly. Its a Catch-22: Tell the truth and lose the money necessary to keep telling the truth, or avoid the truth and make enough money to survive. Those who have chosen survival simply aren’t able to spread the truth properly.
We will never avoid the truth. The Lord will provide if it is His will. Our job is simply to share the facts, spread the Gospel, and educate as many Americans as possible while exposing the forces of evil.
To those who have the means, we ask that you please donate. We have options available now, but there is no telling when those options will cancel us. We have our GivingFuel page. There have been many who have been canceled by PayPal, but for now it’s still an option. Your generosity is what keeps these sites running and allows us to get the truth to the masses. We’ve had great success in growing but we know we can do more with your assistance.
Thank you, and God Bless!
JD Rucker