In cryptocurrencies, Bitcoin price today dropped with the world’s largest and most popular digital token trading almost flat with a negative bias at $16,810. The biggest token is down by three-quarters from its record high of $69,000. The global cryptocurrency market cap today remained below the $1 trillion mark, as it was almost flat in the last 24 hours to $845 billion, as per the data by CoinGecko.
“Bitcoin remained stable after the release of the third quarter GDP data from the United States, which showed an upward revision to 3.2% from the previously reported 2.9%. Since November, the price of Bitcoin has been fluctuating within the range of $16,500 to $17,000. For the market to experience an upward trend, it is vital for BTC to maintain its crucial level above $16,800. However, if the price falls below $16,500, it is possible that bearish sentiment may return to the market,” said Edul Patel, CEO and Co-founder, Mudrex- A Global Crypto Investment Platform.
On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, was almost flat at $1,220. Meanwhile, dogecoin price today was trading about a 5% higher at $0.07 whereas Shiba Inu was up at $0.000008.
Other crypto prices’ today performance also improved as Binance USD, Avalanche, Tether, Terra, Solana, Polygon, Stellar, XRP, Cardano, Litecoin, Polkadot, Chainlink, ApeCoin, Tron prices were trading with gains over the last 24 hours whereas Solana, Uniswap slipped.
Cryptocurrencies have had a harsh 2022 after reaching record highs late last year, buffeted by everything from the Fed’s policy tightening to the implosions of the Terra/Luna ecosystem, hedge funds Three Arrows Capital and exchange FTX.
The collapse of FTX last month was the most shocking in a series of closures of key market players this year including Celsius and Voyager, major tokens terraUSD and Luna that have shaken investment sentiment and wiped out $1.5 trillion in cryptocurrency market capitalization.
Sam Bankman-Fried was released on a $250 million bond package on Thursday while he awaits trial over the collapse of the FTX crypto exchange, which a U.S. prosecutor called a “fraud of epic proportions”. Federal prosecutors in Manhattan have accused the FTX founder of stealing billions of dollars in customer funds to plug losses at his hedge fund, Alameda Research.
(With inputs from agencies)
Know your inner investor
Do you have the nerves of steel or do you get insomniac over your investments? Let’s define your investment approach.
Download The Mint News App to get Daily Market Updates.
