Bitcoin, ether, dogecoin gain while Solana, Unsiwap fall. Check cryptocurrency prices today

On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, also plunged by more than a per cent to $1,227.

Meanwhile, dogecoin price today was trading 0.4% higher at $0.08 whereas Shiba Inu was also flat at $0.000009. Other crypto prices’ today performance were mixed as Binance USD, Avalanche, Tether, XRP, Terra, Tron, Litecoin, Stellar, Chainlink, Polkadot prices were trading with gains over the last 24 hours whereas Solana, Uniswap, Polygon, ApeCoin, Cardano fell.

Parth Chaturvedi, Crypto Ecosystem Lead, CoinSwitch said “Last week witnessed the collapse of one of crypto’s most recognised brands FTX, resulting in a massive overhang on the entire industry and impacted investor confidence. As FTX and Alameda declared bankruptcy, legacy investors like Sequoia, Temasek and even Pension funds got burnt, while an expected 1 million creditors are staring at a long drawn court battle. The contagion risk has only started emerging as the biggest lending desk in crypto, Genesis, halted credit withdrawals and loan originations.”

“Several regulatory bodies across jurisdictions have begun investigations on SBF and his aides, with the expectation that this episode will hasten global coordination in developing a more robust regulatory framework for crypto assets and related entities. Till these guardrails are established, institutional capital is expected to wait on the sidelines. The silver lining was that Global Macro Backdrop improved last week, with monthly US Inflation numbers surprising on the downside at 7.7% and an immediate relief rally across ‘risk-on’ assets that sustained over the week,” said Parth Chaturvedi.

“Broader crypto markets have traded in a narrow range, after the massive ~20% correction in the week before, settling at market capitalisation well below $900bn. BTC continues to struggle around $16.9k, while ETH is trading around $1.2k. The biggest losers have been FTX’s exchange token FTT (falling another 75% and trading below $2) and Alameda backed SOL, which now has a market capitalisation of under $5billion and is behind SHIB in token listings. As a reflection of global sentiments in India, CRE8, an Indian Rupee denominated Virtual Digital Asset (crypto) index was down 9.29% in the past 7 days. The Index value stood at ₹2411.43 at 8AM, November 18, 2022. BTC and ETH continue to be the top assets by market capitalisation,” Parth Chaturvedi further added. 

Crypto lender Genesis was seeking an emergency loan of $1 billion from investors before it suspended withdrawals on its website, the Wall Street Journal reported on Thursday, citing a confidential fundraising document. On Wednesday, Genesis Global Capital suspended customer redemptions in its lending business, citing the sudden failure of Sam Bankman-Fried’s crypto exchange FTX.

The implosion of FTX has rippled across the industry, hobbling liquidity at firms with exposure to what was once one of the world’s biggest crypto exchanges, and prompting investigations by regulators in several countries. The crypto market is teetering after the collapse of FTX, which is seeking Chapter 11 bankruptcy protection in the United States. Last week, FTX filed for the US bankruptcy protection and its founder Sam Bankman-Fried resigned as chief executive, after rival exchange Binance walked away from a proposed acquisition.

In another news, Binance’s US unit is relaunching its bid to buy bankrupt lending platform Voyager Digital, Coindesk reported on Thursday, after Voyager ended the deal with FTX this week and said it was in active discussions with several alternate bidders.

FTX is the latest cryptocurrency company this year to come under financial pressure as crypto assets have collapsed in value. Other failures include Celsius, a bank-like company that took in crypto deposits in exchange for yield, as well as an Asia-based hedge fund known as Three Arrows Capital.

(With inputs from agencies)