Here’s a quick recap of the crypto landscape for Wednesday (February 19) as of 9:00 AM UTC.
Bitcoin and Ethereum price update
Bitcoin is trading at US$96,256, recording a 0.018 percent increase over 24 hours.
The day’s trading range has brought a high of US$96,666 and a low of US$93,408.
Meanwhile, Ether is priced at US$2,712.17, marking a rise of 0.436 percent over 24 hours. The cryptocurrency reached an intraday high of US$2,736.43 and a low of US$2,608.86.
Altcoin price update
- Solana (SOL) is currently valued at US$172.20, 1.175 percent higher over 24 hours, after hitting a daily high of US$174.04 and a low of US$161.60.
- XRP went down to US$2.59, reflecting a 0.766 percent decrease over 24 hours. The cryptocurrency reached an intraday high of US$2.63 and a low of US$2.47.
- Sui (SUI) is trading at US$3.15, near its highest valuation of the day and a 0.639 percent increase. It achieved a daily high of US$3.20 and a low of US$2.93.
- Finally, Cardano (ADA) is down, priced at US$0.7644, reflecting a 3.275 percent decrease over 24 hours. Its highest price on Wednesday was US$0.7953 and its lowest was US$0.7365.
Crypto news to know
FTX starts creditor repayments
FTX Digital Markets has begun repaying US$1.2 billion to creditors, marking a new step in its ongoing bankruptcy proceedings. The first round of payments prioritizes creditors with claims under US$50,000.
FTX creditor Sunil, a member of the exchange’s largest creditor group, said over 1,500 claimants will receive payments in this initial round. However, larger creditors are still awaiting further updates.
The FTX collapse in 2022 contributed to one of the harshest downturns in crypto history.
While the repayments signal progress, many large claims remain unresolved. Future repayments and creditor actions will determine the long-term effects on market liquidity and investor confidence.
SOL down over 40 percent in last month
SOL has now dropped over 40 percent in the past month, trading around the US$170 level at this writing.
The decline follows a peak of nearly US$290 on January 19, according to Coinbase data.
Aran Hawker, CEO of CoinPanel, described the situation to Forbes as a “perfect storm” caused by multiple bearish factors, including waning meme coin interest, a sharp drop in on-chain activity and declining investor confidence.
Another major factor pressuring SOL is the upcoming March 1 token unlock, which will release 11.16 million tokens into circulation. Institutional investors have reportedly shifted holdings from SOL to ETH in anticipation of this event.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.