Bitcoin, Ether Bulls Fail to Break Out of Bumps Caused by FTX Fall

After a rough start to the week, Bitcoin seems to be trying to rally towards the end of the week as crypto investors are expecting more firms to explode on the risk of FTX collapse. As things stand, Bitcoin has yet to start a bull run, but it is closer to the psychologically important level of $17,000 (roughly Rs. 13.8 lakh) than earlier in the week. BTC has risen nearly 2 percent in the past 24 hours and is now valued at $16,900 (roughly Rs. 13.71 lakh) mark on global exchanges, while Indian exchanges such as CoinDCX are quoting BTC at $18,046 ( around Rs. 14.65 lakh), which is 0.76 percent higher than what the crypto asset was valued at earlier on Thursday.

On global exchanges like CoinMarketCap, Coinbase, and Binance the price of Bitcoin stands at $16,914 (roughly Rs. 13.73 lakh) while CoinGecko day shows that the price of BTC is now sitting 4.4 percent below where it stood last Friday.

Ether, the largest token of smart contracts, has seen a rise in value again, but it continues to hold a little while a bullish continuation in the next few days seems unlikely. Ether is currently up about 1.02 percent in the last 24 hours in global trading. Meanwhile, in Indian trading, ETH was valued at $1,320 (roughly Rs. 1.07 lakh) where the prices dropped by a staggering 0.14 percent in the previous day.

The Gadgets 360 cryptocurrency price tracker revealed that most of the major altcoins saw a price jump with the global crypto market cap numbers showing a 1.01 percent increase in the last day.

Polygon, BNB, Cosmos, Chainlink, and Polkadot, TRON, Avalanche, and Monero are all in the green while Cardano, Uniswap, and Solana have marked minor losses in between and the last 24 hours.

Dogecoin and Shiba Inu managed to appear on the green scale again. Dogecoin is currently valued at $0.08 (approx. Rs. 7.13) after gaining more than 0.6 percent in the last 24 hours, while, Shiba Inu is valued at $0.0000092 (approx. Rs. 0.000749) , up 0.45 percent on the previous day.

“Last week there was a collapse of one of the most popular cryptos FTX, which led to a huge catch in the entire industry and affected the confidence of investors. As FTX and Alameda declared their expiration, investors died like Sequoia, Temasek and even pension funds were burned, while 1 million creditors are expected to face a protracted court battle. The risk of contagion has begun to emerge as the largest crypto lending desk, Genesis, has suspended debt cancellations and loan originations. Another revelation is possible, when Gemini stops “Earn” “It’s a Genesis-backed project,” said Parth Chaturvedi, Crypto Ecosystem Lead, CoinSwitch, closing Gadgets 360 week.

“Many regulatory bodies in all jurisdictions have begun to investigate SBF and its facilitators, we expect that this episode will accelerate global cooperation in building a strong regulatory framework for crypto assets and related organizations. Until these monitoring mechanisms are established, institutional funds are expected to wait on the sidelines,” he added. Chaturvedi.

He went on to say that the key to this decline is that the global background improved last week, with US monthly Inflation numbers dropping to a surprising 7.7 percent and a rally in ‘risky’ assets that continued throughout the week. . .

“The broader crypto markets have traded in a narrow range, after a major correction of 20 percent in the previous week, based on a market capitalization of less than $900 billion (approx. Rs. 73,06,315 crore). BTC continues to struggle with around $16,900 (approx. Rs. 13.71 lakh), while ETH is trading at around $1,200 (approx. Rs. 97,417). The biggest loser was the FTX exchange token (down another 75 percent and trading less than $2 or Rs. 162) and Alameda backs SOL, which now has a market capitalization of less than $5 billion (about Rs. 40,590 crore) and is behind SHIB in the token list,” noted – Chaturvedi.

“As a reflection of the global sentiment in India, CRE8, the Indian Rupee called Virtual Digital Asset (crypto) index fell by 9.29 percent in the last 7 days. The value of the Index stood at Rs. 2,411 in -8 am on November 18. BTC and ETH continue to be the top assets by market capitalization.”

Cryptocurrency is an unregulated digital currency, not legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or other advice or recommendations of any kind provided or endorsed by NDTV. NDTV shall not be liable for any loss arising from any investment based on any implied recommendation, forecast or any other information contained in the article.

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