Most cryptocurrencies have posted gains this week despite the prevailing volatility and the ongoing crypto winter sparked by crypto exchange FTX’s collapse last month. Bitcoin posted a 3.70 percent gain on Wednesday to open trading at $17,783 (about 14.7 lakh). In the last 24 hours, the value of BTC has increased by $663 (approximately Rs. 54,806) from yesterday’s price of $17,150 (approximately Rs. 14,000). According to the data mirrored by international exchanges, BTC rallied a little less than four percent and traded at a similar price.
ether in addition, it increased by 3.53 percent Bitcoin On Wednesday. ETH price at the time of writing, according to Gadgets 360, is $1,318 (roughly Rs.1.08 lakh). Crypto price tracker.
Most altcoins rallied behind BTC and ETH to post gains on Wednesday. These include Binance coin, ripple, Binance USD, Cardano, polygonand Speckle.
memecoins Shiba Inu and Dogecoins also saw price increases of 4.35 percent and 1.78 percent, respectively.
While DOGE is currently trading at $0.091 (approx. Rs.7.55), SHIB is priced at $0.0000092 (approx. Rs.0.000762).
At this point, only a small number of altcoins have settled for losses today. These include tether, USD coin, Lion, cosmos, Elrondand iota.
“The likelihood that the Fed could slow the pace of rate hikes to 50 basis points instead of 75 basis points during tomorrow’s scheduled FOMC rises sharply to about 80 percent. What this data might also suggest is that the notion that inflation clearly peaked at 9.1 percent earlier this year in June in June is now believable given the disinflationary numbers twice in a row and supply chains collapse and commodity inflation ease significantly,” the CoinDCX research team told Gadgets 360.
The overall crypto market has grown by three percent in the last 24 hours. acc CoinMarketCap, the current valuation of the crypto market is $871.64 billion. Following this incident, the crypto market’s valuation, which was around $1 trillion two months ago, slumped drastically to its current value.
The crypto market is in turmoil after the crypto exchange FTX collapsed last month due to a liquidity crisis and mismanagement of funds.
FTX CEO Sam Bankman-Fried was arrested by US authorities on December 13, stating that the SEC charged him for cheating investors out of billions of dollars.
While many crypto firms have resorted to laying off employees to keep their businesses afloat, many companies have had their proof of reserve audited to regain investor confidence.
Cryptocurrency is an unregulated digital currency, not legal tender and is subject to market risks. The information provided in this article is not intended to and does not constitute financial advice, trading advice, or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV is not responsible for any loss arising from any investment made on an accepted recommendation, forecast or other information contained in this article.
