The price of Bitcoin (BTC), the biggest and most well-known decentralized digital currency, was trading at over 1% low today at around 17,040 US dollars. The largest token has decreased by 75 percent from its peak price of about 69,000 US dollars. According to estimates from reports that have come out, the market capitalization of all cryptocurrencies worldwide fell under the 1 Trillion US Dollar threshold today after falling more than 1% in the previous day to around 893 Billion US Dollars.
Ether (ETH), the 2nd largest cryptocurrency native to the Ethereum open-source blockchain, decreased by almost 2 percent to 1,266 US dollars. The Shiba Inu token (SHIB) was higher slightly by 0.5 percent at around 0.000009 US Dollars, while Dogecoin’s (DOGE) price was trading at over 2 percent low at about 0.10 US Dollars.
In contrast to Litecoin (LTC) and TRON (Tronix, TRX), several other cryptocurrencies’ prices today performed poorly, including Binance USD (BUSD), Avalanche (AVAX), Tether (USD₮, USDT), Solana (SOL), Terra, Polygon (MATIC), ApeCoin (APE), Stellar Lumen (XLM), Ripple (XRP), Cardano (ADA), Uniswap (UNI), Chainlink (LINK), and Polkadot (DOT).
According to a report that has come out, a United States agency that looks into claims of misleading behavior acknowledged on Monday that it was looking into multiple crypto companies for potential malpractice. With the price of BTC falling precipitously this year (2022), the astounding downfall of the Bahamas-based cryptocurrency exchange, FTX, has sent new ripples across the crypto market. Following a week when a potential merger with competing cryptocurrency exchange Binance fizzled, FTX went bankrupt.
According to founder and former CEO of FTX, Sam Bankman-Fried or SBF, when their cryptocurrency company was having trouble raising money earlier in the previous month, it secured billions of USD worth of collateral through Alameda Research, which is the firm’s trading arm. It utilized it into trying to reassure investors about its financial stability.
The multinational consumer banking corporation, Standard Chartered PLC, warns that 2023 could be a painful shock for investors who believe that the crypto meltdown is largely finished. According to a note by Eric Robertsen, who is the Head of Global Research and Chief Strategist at Standard Chartered PLC, one of the unexpected possibilities that markets could be underpricing is an additional BTC decline of roughly 70 percent to 5,000 US dollars in the coming year.