SOL and XRP Make Big Gains: Crypto Market Sees Improvement
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Brazilâs Securities and Exchange Commission has approved a spot Solana ETF, leading to a 20% surge in SOLâs price shortly after the news. This approval comes right after the final court judgment in the SEC vs Ripple case.
Solana has made a new achievement by getting ETF approval in Brazil. The Brazilian Securities and Exchange Commission (CVM) approved the ETF application from investment firm QR, which will be managed by Vortx. This means a spot Solana ETF is now officially set to launch.
The approval of a Solana ETF in Brazil had a noticeable impact on SOLâs recent performance. The cryptocurrency surged by 10.72% early on Thursday, continuing its recovery from the recent market crash.
The approval led to a significant increase in Solanaâs market capitalization. During Thursdayâs Asian trading session, SOLâs market cap rose from $66.24 billion at the start to $72.82 billion at its peak.
Although the market cap slightly retraced towards the end of the session, it resumed its upward trend with the European market opening. At the time of writing, Solanaâs market cap was $71.79 billion, according to CoinmarketCap.
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