BTC, ETH Trade Low With Losses, Stablecoins Record Profit
Many cryptocurrencies have seen losses outweigh gains, as the tumultuous month of November 2022 inches closer to its end. Bitcoin on Monday, November 28, opened with a price loss of 2.37 percent. BTC, at the time of writing, is trading at $16,111 (roughly Rs. 13 lakh). This is the second week in a row that the oldest cryptocurrency has failed to surpass this price point. On international exchanges such as Binance and Coinbase as well, BTC suffered a small loss and is traded at the same price.
Ether has made Bitcoin’s tail on a losing streak. ETH, as per the Gadgets 360 crypto price tracker, is trading at $1,163 (roughly Rs. 95,150) after recording a four percent loss.
Binance Coin, Cardano, Polygon, Polkadot, and Litecoin also saw losses.
Interestingly, rival meme currencies Shiba Inu and Dogecoin, unusually find themselves on opposite sides of the crypto charts today.
While Shiba Inu saw a loss of 2.22 percent to trade at $0.0000089 (roughly Rs. 0.000730), Dogecoin rose in value by 5.56 percent to hover around the price zone of $0.095 (roughly Rs. 7.78 ).
Stablecoins pegged to the US dollar, including Tether, USD Coin, and Binance USD have joined DOGE in seeing gains.
SushiSwap, Braintrust, Dogefi, and Bitcoin Hedge also saw price increases.
“Increased demand may help bulls gain more leverage to exceed current levels. The broader crypto market came under a lot of selling pressure last week because Genesis is facing a liquidity crisis,” Edul Patel, CEO and Founder of Mudrex told Gadgets 360.
The global crypto market cap has fallen by 2.47 percent in the last 24 hours and currently stands at $819.58 billion (approx. Rs. 67,02,464 crore), as CoinMarketCap,
The month of November was full of ups and downs in the crypto market. The FTX crypto exchange collapsed due to lack of funds, and finally declared bankruptcy earlier this month.
In subsequent market movements, more than $200 billion (approximately Rs. 16,30,024 crore) was cleared from the market.
Amid the ongoing market downturn, the list of crypto companies resorting to downsizing has been growing for a long time.
Just last week, Lemon Cash, an Argentinian crypto exchange company laid off 38 percent of the crypto exchange’s workforce, making nearly 100 workers redundant in an effort to keep its business afloat.
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