Among cryptocurrencies, the world’s largest and most popular digital token bitcoin was trading below the $16,000 mark today with a drop of over 4% at $15,973. On the other hand, Ether, the coin associated with the Ethereum blockchain and the second largest cryptocurrency, also fell by more than 8% to $1,118.
According to CoinGecko data, the global crypto market cap remained below the $1 trillion mark today as it declined by less than 5% over the past 24 hours to $828 billion, as cryptocurrencies continued to struggle in the ongoing crisis, according to data from CoinGecko. . The ever mighty FTX empire of Sam Bankman-Fried.
“Bitcoin, Ethereum, and more cryptocurrency The downtrend in trading continued over the weekend due to heavy selling pressure. If the buyers can push BTC price above the overhead trendline, we could see an uptrend. On the other hand, Ethereum also dropped 8% over the weekend. If the selling pressure does not subside, we could see ETH drop to $1,080. As long as the price does not stay below the trendline, ETH will remain in bearish danger, said Edul Patel, CEO and co-founder of global crypto investment platform Mudrex.
Meanwhile, Dogecoin price was down 11% today to trade at $0.07 while Shiba Inu was also down over 7% at $0.000008. Other crypto price performance also declined today as Binance USD, Avalanche, Tether, XRP, Terra, Tron, Litecoin, Stellar, Chainlink, Polkadot, Solana, Uniswap, Polygon, Appcoin, Cardano with price cuts in the last 24 hours Was doing business.
The explosion of FTX has caused ripples across the industry, reduced liquidity among firms with exposure to one of the world’s largest crypto exchanges, and prompted investigations by regulators in several countries.
FTX is the latest cryptocurrency company to come under financial pressure this year as the crypto asset plummeted in value. Other failures include Celsius, a bank-like company that took crypto deposits in exchange for a yield, as well as an Asia-based hedge fund known as Three Arrows Capital.
(with inputs from agencies)
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