Bitcoin, ether, dogecoin, other crypto prices continue to be under pressure. Check the latest prices
In cryptocurrencies, the world’s largest and most popular digital token Bitcoin’s price today traded nearly 2% lower at $16,588. The global crypto market capitalization remained below $1 trillion today as it was down almost over one percent in the last 24 hours to 870 billion dollars, according to CoinGecko.
On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, also plunged more than 4% to $1,208.
“Most cryptocurrencies fell after Genesis suspended withdrawals. Bitcoin is currently trading below the $16,700 level. Although BTC rallied on Tuesday, reacting to the latest inflation news, it could not sustain the gains. If BTC stays below the $17,622 level, the it raises the prospect of a break below the $15,588 zone. On the other hand, Ethereum has fallen by 3% in the last 24 hours. That suggests the strength of the sellers in the market. If the selling pressure increases, we may see ETH fall to the $1100 level. To gain the upper hand, buyers will have to push the price above the $1,300 level,” said Edul Patel, CEO and Co-Founder, Mudrex.
Meanwhile, the dogecoin price today traded roughly 2% lower at $0.08, while Shiba Inu was also down one percent at $0.000009. Other crypto prices’ performance today also fell as Binance USD, Avalanche, Solana, Tether, XRP, Terra, Tron, Litecoin, ApeCoin, Polygon, Cardano, Stellar, Chainlink, Uniswap, Polkadot prices traded lower in the last 24 hours .
Crypto brokerage Genesis is suspending redemptions and new loans in its lending business after facing what it described as “abnormal withdrawal requests” in the wake of the collapse of FTX. The withdrawal requests exceeded current liquidity at Genesis Global Capital, the lending arm, Bloomberg reported.
FTX filed for bankruptcy protection on Friday, sending shockwaves through the cryptocurrency industry, which has seen a huge amount of volatility this year, including a sharp decline in the price of bitcoin and other digital assets. FTX’s sudden fall into bankruptcy is rippling through crypto markets, with panicked customers rushing to retrieve their assets from other platforms.
The views and recommendations above are those of individual analysts or brokerage firms, and not of Mint.
(With input from agencies)
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