In cryptocurrencies, the world’s largest and most popular digital token Bitcoin’s price today was trading nearly 2% lower at $16,588. The global crypto market cap today remained below the $1 trillion mark, as it was almost down over a per cent in the last 24 hours to $870 billion, as per CoinGecko.
On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, also plunged by more than 4% to $1,208.
“Most cryptocurrencies fell after Genesis suspended the withdrawals. Bitcoin is currently trading below the $16,700 level. Even though BTC rose on Tuesday, reacting to the latest inflation news, it could not sustain the gains. If BTC sustains below the $17,622 level, it may increase the prospect of a break below the $15,588 zone. On the other hand, Ethereum has declined by 3% in the past 24 hours. It suggests the strength of the sellers in the market. If the selling pressure intensifies, we may see ETH drop to $1,100 level. To gain the upper hand, buyers must push the price above the $1,300 level,” said Edul Patel, CEO and Co-founder, Mudrex.
Meanwhile, dogecoin price today was trading about 2% lower at $0.08 whereas Shiba Inu was also down a per cent to $0.000009. Other crypto prices’ today performance also declined as Binance USD, Avalanche, Solana, Tether, XRP, Terra, Tron, Litecoin, ApeCoin, Polygon, Cardano, Stellar, Chainlink, Uniswap, Polkadot prices were trading with cuts over the last 24 hours.
Crypto brokerage Genesis is suspending redemptions and new loan originations at its lending business after facing what it described as “abnormal withdrawal requests” in the aftermath of the collapse of FTX. The withdrawal requests exceeded current liquidity at Genesis Global Capital, the lending arm, reported Bloomberg.
FTX filed for bankruptcy protection Friday, sending shockwaves through the cryptocurrency industry, which has seen an enormous amount of volatility this year, including a sharp decline in the price of bitcoin and other digital assets. FTX’s sudden tumble into bankruptcy is cascading through crypto markets, with panicky customers rushing to pull their assets from other platforms.
The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
(With inputs from agencies)
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