Bitcoin Jumps Above $17,000, Ether Rises 8% As Cryptocurrency Prices Jump Today

“Bitcoin gained around 4% on Tuesday compared to the previous day. BTC started the week with a low of $16,054 and rose above the $16,900 level in the last 24 hours. This increase saw BTC climb from around $16,200, which has been in play over the past two weeks. If the price strengthens to the upside, we may see more bulls enter the market and push BTC above the $17,000 level soon. The second largest cryptocurrency, Ethereum, has also rallied, trading above the $1,270 level. Bulls can likely push ETH above the $1,300 level today,” said Edul Patel, CEO and Co-Founder, Mudrex.

The global cryptocurrency market capitalization today stayed below $1 trillion, although it rose in the last 24 hours to $895 billion, according to data from CoinGecko.

Meanwhile, dogecoin price traded today more than 6% higher at $0.10, while Shiba Inu was up over 2% at $0.000009. The performance of other crypto prices today also improved as the prices of Binance USD, Avalanche, Tether, Terra, Stellar, Polkadot, Solana, Uniswap, ApeCoin, Tron, Polygon, XRP, Cardano, Chainlink, Litecoin traded higher in the last 24 hours.

US cryptocurrency broker Genesis said it was trying to avoid bankruptcy after Bloomberg news reported on Tuesday that creditors of the firm are organizing with restructuring lawyers to prevent insolvency.

The crypto-lending arm of US digital asset broker Genesis Trading suspended customer redemptions earlier this month, citing the sudden failure of FTX, where the derivatives business has about $175 million in locked-up funds, the company said. It had warned potential investors that it may have to file for bankruptcy if efforts to raise cash fail, halting redemptions shortly after disclosing on Nov. 10 that it had $175 million locked up in an FTX trading account.

Crypto prices have remained under pressure this month following the collapse of Sam Bankman-Fried’s FTX empire. Now investors are looking at other crypto companies to see how far the contagion can spread.

(With input from agencies)