crypto price today: Crypto price today: Bitcoin approaches $17K; Uniswap, Solana and XRP get up to 5%

New Delhi: The crypto market moved higher for the second consecutive day on Wednesday, but gains were capped in the top tokens even as the post-FTX crypto world fell apart.

The inflation data encouraged investors, pushing Bitcoin close to the $17,000 mark, while Ethereum consolidated above $1,250 levels.

Uniswap gained around 5% and XRP 4%. Cardano and Solana gained 2% each. BNB and Tron were among the biggest losers.

The global cryptocurrency market capitalization traded marginally higher around $850 billion, gaining around half a percent in the past 24 hours. However, total trading volume fell around 25% to $62.20 billion.

Global updates

Founder of bankrupt cryptocurrency exchange FTX, Sam Bankman-Fried, is seeking commitments from investors to raise new money, the Wall Street Journal reported Tuesday, citing people familiar with the matter.

Crypto lender BlockFi is preparing a potential bankruptcy filing due to its “significant exposure” to bankrupt cryptocurrency exchange FTX, it reported.

The implosion of crypto exchange FTX has shocked the industry financially and led to a “crisis of confidence” in the world of digital assets, said Lex Sokolin, chief economist for decentralized protocols at software company ConsenSys.

Long-term bitcoin holders’ willingness to continue building their coin holdings has weakened due to fears that the implosion of crypto exchange FTX will prolong the crypto winter.

Note: Price changes in the last 24 hours

Expert take

Sathvik Vishwanath, co-founder and CEO, Unocoin said the liquid exchange acquired by FTX has suspended withdrawals to comply with regulations regarding FTX’s bankruptcy filing.

“Bitcoin is now stable and its 50-day moving average is likely to provide resistance at $17,350 and a cross above this level has the potential to lead the price towards $18,190,” he added.

Technical view from BuyUcoin cryptocurrency exchange

Algorand (ALGO) is a strong candidate to create a global payment network based on a proof-of-stake mechanism. ALGO is down almost 90% from its all-time high of $3.28 three years ago, but it has received significant attention from crypto enthusiasts recently as it promises mass use cases to support various applications in real-world concepts.

ALGO is up over 12% in the last 24 hours due to increased interest from investors, and the momentum is expected to sustain if general macroeconomic factors remain favorable.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)