Bitcoin Recovers $16k; Litecoin, Solana and Dogecoin get up to 24%

New Delhi: Crypto markets traded in the green on Wednesday after being under pressure for some time due to the FTX collapse.

Bitcoin jumped 4% to rest above the key psychological level of $16,000, but Ethereum was below the $1,200 mark despite a 5% jump.

Apart from Tron, all other top crypto tokens were trading higher. Litecoin was a standout performer with a 24% rally. Solana gained 11% and Dogecoin 8%, while Polygon fell 7%.

The global cryptocurrency market capitalization traded higher around $820 billion, rising as much as 4% in the past 24 hours. However, total trading volume fell nearly 6% to $62.21 billion.

Expert take
Sathvik Vishwanath, Co-Founder and CEO, Unocoin, said that the Reserve Bank of India (RBI) is in the final stages of rolling out the Central Bank of Retailers (CBDC) digital currency.

It will be able to work with current payment systems, he said. “RBI plans to launch the pilot project within a month. Participating banks will test their CBDC between 10,000 and 50,000 users,” he added.

Global updates
FTX has a total cash balance of $1.24 billion, a lawsuit filed by advisers on the stricken crypto exchange’s restructuring showed ahead of US bankruptcy hearings set for Tuesday.

Despite claims by the companies to the contrary, blockchain data shows that the crypto exchange FTX and its sister company Alameda Research were very connected from the beginning, according to a report from research firm Nansen.

CRV, the board

the symbol of decentralized exchange curve, has become volatile amid an increase in the number of coins held on centralized trading platforms.

Sales of the Saudi Arabia-themed non-fungible token (NFT) collection called “The Saudis” increased by 387% following the country’s surprise 2-1 win against Argentina, considered one of the best football teams in the world.

Technical view of BuyUcoin cryptocurrency exchange

World Cup Inu (WCI) increased on the FIFA fever. The WCI has witnessed a mega rally mainly due to the increasing engagement of the fans around the FIFA World Cup. WCI is one of the first on ETH to support the World Cup, and fans can experience the excitement of playing the World Cup in real time with friends, family and other users of the platform.

Tokens like WCI have seasonal price movements mainly related to global sporting events and should be explored to increase the level of engagement with your favorite game, the expert suggested.

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