Bitcoin, Ether Rally as Overall Crypto Market Rises by 3 Percent Amid Ongoing Crypto Winter – Technewsboy
Most cryptocurrencies managed to post gains this week, despite prevailing volatility and the ongoing crypto winter spurred by the collapse of crypto exchange FTX last month. Bitcoin on Wednesday registered a gain of 3.70 percent to open trading at $17,783 (roughly Rs. 14.7 lakh). In the last 24 hours, the value of BTC has grown by $663 (approx. Rs. 54,806) from yesterday’s price of $17,150 (approx. Rs. 14 lakh). According to the data reflected by international exchanges, BTC rolled in gains slightly under four percent and traded at a similar price point.
Ether rose 3.53 percent along with Bitcoin on Wednesday. ETH price, at the time of writing, stood at $1,318 (roughly Rs. 1.08 lakh), according to Gadgets 360’s crypto price tracker.
Most altcoins rallied behind BTC and ETH and posted gains on Wednesday. These include Binance Coin, Ripple, Binance USD, Cardano, Polygon and Polkadot.
Memecoins Shiba Inu and Dogecoin also saw price increases of 4.35 percent and 1.78 percent respectively.
While DOGE is currently trading at $0.091 (approx. Rs. 7.55), SHIB is priced at $0.0000092 (approx. Rs. 0.000762).
At this point, only a small number of altcoins settled with losses today. These include Tether, USD Coin, Leo, Cosmos, Elrond and Iota.
“The likelihood that the FED could turn the pace of interest rate hikes and slow to 50 bps instead of 75 bps during the FOMC scheduled for tomorrow increases significantly to about an 80 percent chance. What this data may also suggest is that there now credence is given to the idea that inflation clearly peaked at 9.1 percent earlier this year in June, given disinflationary numbers twice in a row and supply chains unraveling with significant relief from commodity inflation,” the CoinDCX research team told Gadgets 360.
The overall crypto market has swelled by three percent in the last 24 hours. According to CoinMarketCap, the current valuation of the crypto market stands at $871.64 billion. In the wake of this incident, the crypto market valuation, which stood at about a trillion dollars two months ago, has fallen drastically to its current value.
The crypto market is in turmoil after the crypto exchange FTX collapsed last month due to a liquidity crisis and mismanagement of funds.
FTX CEO Sam Bankman-Fried was arrested by US authorities on December 13, after which the SEC charged him with defrauding investors out of billions of dollars.
While many crypto firms have laid off their employees to keep their businesses afloat, many companies have audited their proof-of-reserves to regain investor confidence.
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