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The global crypto market cap today remained below the $1 trillion mark, as it over 2% lower in the last 24 hours to $820 billion, as per the data by CoinGecko, as cryptocurrency prices continued to be under pressure on concern about the spreading fallout from the FTX crisis.
The world’s largest and most popular digital token Bitcoin’s price today was trading nearly a per cent lower at $15,844, slipping below the $16,000 mark. On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, also plunged by about a per cent to $1,106.
“Bitcoin dropped below $16,000 in the past 24 hours as the broader crypto market comes under intense selling pressure. The bears pulled the price below the support level suggesting the lack of demand from the bulls. If the price of BTC closes below the $16,000 level today, we could see a retest of the vital support at $15,588 and then towards $12,200. On the other hand, Ethereum continues to slide towards its support at the $1,000 level. It is a crucial level for bulls to defend, as a break below this could intensify the selling pressure. Until the uncertainty around the market settles down, we may see a sustained recovery in the crypto prices,” said Edul Patel, CEO and Co-founder, Mudrex.
Meanwhile, dogecoin price today was trading nearly 2% higher at $0.07 whereas Shiba Inu was down at $0.000008. Other crypto prices’ today performance were mixed as Avalanche, Tether, Terra, Stellar, Polkadot, Solana, Uniswap prices were trading with cuts over the last 24 hours while ApeCoin, Tron, Polygon, XRP, Cardano, Chainlink, Litecoin gained.
Crypto brokerage Genesis warned of the risk of bankruptcy amid contagion from the rapid demise of Sam Bankman-Fried’s FTX empire. FTX is the latest cryptocurrency company this year to come under financial pressure as crypto assets have collapsed in value. The fall of Bankman-Fried’s businesses, including trading desk Alameda Research, is contributing to reduced liquidity in crypto markets.
(With inputs from agencies)
The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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(This story has not been checked by Kashmir Bulletin and is auto-generated from other sources)
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