After falling below $19,000 in the previous session, the cryptocurrency price today surged above $20,000 in bitcoin. Bitcoin, the world’s largest and most popular cryptocurrency, gained nearly 2% and was trading at $20,413. According to CoinGecko, the global cryptocurrency market cap was below $1 trillion today, even though it has risen nearly one percent over the past 24 hours to $941 billion.
Bitcoin It is falling around $20,000 this year after a 56% drop. US-based lender Celsius Network said this month that it would suspend withdrawals, as the digital asset struggles. Bitcoin and ether were further troubled by the apparent bankruptcy of crypto hedge fund Three Arrows Capital, which has entered liquidation.
Three Arrows Capital’s creditor Blockchain.com said it is cooperating with the ongoing investigation of the troubled crypto hedge fund.
Blockchain.com and Deribit, a crypto derivatives exchange, confirmed that they are among creditors that sought the liquidation of Three Arrows in a court in the British Virgin Islands, which ordered the liquidation of Three Arrows Capital, the crypto hedge fund One who made big bets on everything from bitcoin to the unlucky Luna token and then succumbed to a $2 trillion wipeout from the digital-asset market.
Ether, on the other hand, is the coin linked to the Ethereum blockchain and the second largest cryptocurrency, increased by more than one percent to $1,099. Meanwhile, Dogecoin price was trading at around $0.06 today, while the Shiba Inu gained over 3% to $0.0000010.
Today’s performance of other crypto prices also improved as XRP, Tether, Solana, BNB, Litecoin, Stellar, Chainlink, Tron, Apcoin, Polygon prices were trading with gains in the last 24 hours, while Uniswap slipped.
Cryptocurrencies have suffered this year amid a hike in Federal Reserve rates and extremely high inflation. After crypto’s last two years of hibernation ended in 2020, the sector reached nearly $3 trillion in total assets last November, before falling to just under $1 trillion last November. Investors were further worried about the collapse of the Terra/Luna ecosystem and continued concerns about hedge fund Three Arrows Capital Ltd.
(with inputs from agencies)