The biggest and very well-known cryptocurrency globally, Bitcoin (BTC), had its price increase by over 4 per cent today, reaching around 1,018 US dollars. Whereas from the other side, Ether (ETH), the 2nd biggest cryptocurrency and coin connected to the Ethereum blockchain, climbed by over 7 per cent to around 1,272 US dollars.
Edul Patel, the co-founder and Chief Executive Officer (CEO) of crypto investment platform Mudrex, said that on Tuesday, BTC increased by around 4 per cent from the day before. Bitcoin (BTC) climbed beyond 16,900 US Dollars in the last 24 hours after hitting a low point of 16,054 US Dollars to begin the week. Bitcoin rose from roughly 16,200 US dollars, which was in action for the previous 2 weeks, throughout this spike. Many bulls may join the market and take Bitcoin past the 17,000 US Dollar milestone if the price continues to increase. ETH has risen in value and is currently trading at 1,270 US dollars. Today, bulls may move Ethereum over the 1,300 US Dollar mark.
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Even if it increased in the previous day to 895 Billion US dollars, the total market capitalization of cryptocurrencies today stayed under the 1 Trillion US Dollar threshold. The Shiba Inu Token (SHIB) was high by over 2 per cent at 0.000009 US Dollars, while DOGE was trading well over 6 per cent up at 0.10 US Dollars. Other cryptocurrency values performed better today as well, with advances seen in the prices of BUSD, AVAX, USDT, Terra, DOT, Stellar Lumens, SOL, UNI, APE, TRON, Ripple (XRP), Polygon (MATIC), ADA, LINK, and LTC during the past 24 hours.
Genesis, a United States-based crypto broker, announced on Wednesday that it was attempting to prevent bankruptcy following news reported by Bloomberg on Tuesday that the company’s creditors were banding together with restructuring attorneys to prevent insolvency.
The unexpected demise of FTX, in which its derivatives business has around 175 Million US dollars in frozen assets, led the cryptocurrency lending division of United States digital asset brokerage Genesis Trading to restrict client redemptions early this month, the firm claimed. It stopped redemptions soon after disclosing on the 10th of November that it held 175 Million US dollars tied up in an FTX trading account and had previously advised prospective investors that it would have to declare bankruptcy if its attempts to obtain finance failed.