In cryptocurrencies, the world’s largest and most popular digital token Bitcoin’s price today was back above the $17,000 mark was trading about a per cent higher at $17,025. The global cryptocurrency market cap today remained below the $1 trillion mark, even as it was up in the last 24 hours to $899 billion, as per the data by CoinGecko.
On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, also gained by over a per cent to $1,285. Meanwhile, dogecoin price today was trading more than 2% higher at $0.10 whereas Shiba Inu was up over 2% at $0.000009.
Other crypto prices’ today performance also improved as Binance USD, Avalanche, Tether, Terra, Solana, Tron, Polygon, ApeCoin, Litecoin, Stellar, XRP, Cardano, Uniswap, Polkadot prices were trading with gains over the last 24 hours whereas Chainlink slipped.
The collapse of Sam Bankman-Fried’s FTX was the biggest in string of big crypto-related failures this year. It sparked a cryptocurrency rout and has left an estimated 1 million creditors facing losses of billions of dollars.
The crypto sector hit a record value of almost $3 trillion late last year, before market turmoil prompted by rising interest rates and a string of industry blow-ups wiped more than $2 trillion from its valuation. Bitcoin, the biggest token, is down by three-quarters from its record high of $69,000.
Cryptocurrency lender BlockFi filed for bankruptcy, becoming the latest firm to crumble after the collapse of Sam Bankman-Fried’s FTX empire. After FTX’s collapse, regulators in the United States as well as finance industry executives and crypto entrepreneurs are focused on the need for a workable set of rules and greater transparency, reported Reuters.
Crypto markets swooned in the period around the Nov. 11 bankruptcy of Sam Bankman-Fried’s FTX trading platform and sister investment house Alameda Research. They steadied as the month wore on, propped up in part by signs that the Fed will switch to less aggressive monetary tightening.
Meanwhile, embattled Asian cryptocurrency exchange Zipmex Asia Pte. is poised to be acquired by a venture capital fund for about $100 million in digital coins and cash, one of the first rescues in Asia since a wave of defaults ripped through the sector, reported Bloomberg.
(With inputs from agencies)
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