The token tied to the Solana project, of which Sam Bankman-Fried’s Alameda Research was a big and early backer, has fallen more than 40% in two days.
, the two largest coins by market cap, were down by 4% and 7%, respectively, according to Coin Metrics. In the previous session they dropped double-digit percentages and bitcoin fell to a two-year low of $17,300.80. It hit its all-time high of $17,585.25 one year ago Thursday.continued its slide. It was last down 20%, after plunging 26.4% on Tuesday. Alameda Research, the trading firm owned by Sam Bankman-Fried, who also runs FTX, was a big and early backer of the Solana project.
The crypto market briefly spiked on Tuesday after Bankman-Fried, also known as SPF, announced that Binance will acquire its non-U.S. operations but plummeted shortly after. Also, Bankman-Fried had recently developed a "white knight" reputation in the industry as he came to the rescue of crypto services firms like BlockFi and Voyager that almost didn't survive the crypto contagion of this spring.
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