The largest global and most well-known decentralized digital currency, Bitcoin (BTC), was trading roughly 2 percent higher at 16,947 US Dollars today, driving up the price of other cryptocurrencies. Even if it were practically unchanged over the previous 24 hours to around 873 Billion US dollars, the total cryptocurrency market capitalization globally today stayed under the one trillion US Dollar threshold. Ether (ETH), the 2nd largest decentralized digital currency connected to the Ethereum open-source blockchain, fell by over 1 percent to around 1,227 US dollars.
The Shiba Inu token’s price was steady at around 0.000009 US dollars, while Dogecoin’s (DOGE) price was up by 0.4 percent at around 0.08 US dollars today. Several other cryptocurrency values performed differently, with increases seen in Binance USD (BUSD), Terra, Avalanche (AVAX), Tether (USDT), Ripple (XRP), TRON, Litecoin (LTC), Stellar, Polkadot (DOT), and Chainlink (LINK) prices in the past 24 hours, while losses were seen in Solana (SOL), Uniswap (UNI), Polygon (MATIC), Cardano (ADA), and ApeCoin (APE).
Before stopping accepting withdrawals from its website, cryptocurrency lender Genesis was looking for a Billion US Dollar emergency loan from investors, according to a private fundraising document, which was revealed on Thursday by the Wall Street Journal. The unexpected fall of the Bahamas-based cryptocurrency exchange, FTX, was cited by Genesis Global Capital as the reason for the suspension of customer redemptions in the lending operations on Wednesday.
The collapse of FTX sent shockwaves through the sector, limiting liquidity at businesses exposed to 1 of the world’s largest cryptocurrency exchanges at the time and sparking regulatory inquiries in several nations. Following FTX’s collapse, which now seeks Chapter 11 bankruptcy protection in the US, the cryptocurrency market is in a precarious position. Following the rival crypto exchange, Binance withdrew from a proposed acquisition, FTX filed for United States bankruptcy protection the previous week, and Sam Bankman-Fried or SBF, the firm’s founder, stepped down as CEO.