Despite the prolonged crypto cold sparked by the bankruptcy of crypto exchange FTX last month, most cryptocurrencies have managed to post profits this week. On Wednesday, Bitcoin opened at $17,783, a gain of 3.70 percent (roughly Rs. 14.7 lakh). Compared to its day-ago price of $17,150, Bitcoin’s value increased by $663 (or about Rs. 54,806) in the last day (roughly Rs. 14 lakh). According to market statistics from around the world, Bitcoin (BTC) gained little under four percent and remained quite stable in price.
Along with Bitcoin, the price of Ether rose by 3.53 percent on Wednesday. Gadgets 360, a website that keeps tabs on cryptocurrency prices, reports that the cost of one ether (ETH) at the time of writing was $1,318 (or around Rs. 1.08 lakh).
Most alternative cryptocurrencies followed Bitcoin and Ethereum’s lead and rose on Wednesday. Binance Coin, Binance USD, Ripple, Cardano, Polygon, and Polkadot are just some of the other cryptocurrencies accepted on the exchange.
Bitcoin, Ether Rally as Overall Crypto Market Rises by 3%
There were 4.35% and 1.78% increases in value for the memecoins Shiba Inu and Dogecoin, respectively.
SHIB is now selling at $0.0000092 while DOGE is trading at $0.091 (about Rs. 7.55). (roughly Rs. 0.000762).
Only a handful of alternative cryptocurrencies have shown losses so far today. Tether, USD Coin, Leo, Cosmos, Elrond, and Iota are all examples of these.
At the FOMC meeting tomorrow, there is a high possibility (about 80%) that the FED will reverse course and reduce the pace of rate hikes to 50 bps from 75 bps. The CoinDCX research team told Gadgets 360 that these findings “may also lend credence to the notion that Inflation has clearly peaked at 9.1 percent earlier this year in June,” citing disinflationary numbers two months in a row and supply chain breakdowns associated with significantly easing goods inflation.
The entire cryptocurrency market is up 3% in the past day. To put it another way, CoinMarketCap estimates that the total value of the cryptocurrency market is currently $871.64 billion. Following this event, the market valuation of cryptocurrencies, which had been approximately a trillion dollars just two months prior, dropped precipitously to its present level.
With the collapse of the cryptocurrency exchange FTX last month due to a lack of available cash and poor management, the cryptocurrency sector is in disarray.
Sam Bankman-Fried, CEO of FTX, was detained by US authorities on December 13; the SEC has since filed charges against him for allegedly cheating investors out of billions of dollars.
While many crypto companies have had to lay off workers to stay viable, others have had audits of their proof-of-reserves to win back the faith of their investors.