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Solana (SOL) and Bitcoin SV (BSV) are among the biggest winners of a pump, driven by speculation that the iShares Spot Bitcoin ETF application had been approved by the SEC.
Solana rose as much as 11%, while Bitcoin SV rose as much as 15%. Meanwhile, Bitcoin rose up to 10% to reach $30,000 in a flash pump.
However, the news turned out to be false; According to Bloomberg, a spokesperson stated that “the application for the iShares Spot Bitcoin ETF is still under review by the SEC.”
Shortly after the report of a one-time approval of a Bitcoin ETF was confirmed to be false, Bitcoin reversed its previous gains and returned to trading near the $28,000 mark.
Solana SOL is up 6.43% in the last 24 hours to $23.21 at the time of writing. Bitcoin SV, a fork of Bitcoin, rose 14.37% in the last 24 hours to $38.52, making it the biggest gainer among the top 100 cryptocurrencies by market cap.
Solana faces increased interest
The collapse of FTX and its sister company, Alameda Research, had a particularly negative impact on the Solana ecosystem.
Alameda was well known for its early involvement with Solana and for holding a considerable amount of native SOL tokens.
Solana subsequently fell, but has since come back strongly this year, outperforming ETH on a risk-adjusted basis.
According to a recent report by cryptocurrency research firm Kaiko, despite its significant price growth this year, SOL’s 1% market depth is around $16 million, up from $34 million a year ago.
SOL’s market depth in native units and in USD terms grew in the third quarter, indicating increased interest and activity from market makers following a partnership with Visa and other potentially favorable news events.
Positive news is that the Solana Foundation has become a partner in the ecosystem of the Dubai Multi Commodities Center (DMCC), one of the free economic zones of the United Arab Emirates.
