Inflation data encouraged investors, pushing Bitcoin near $17,000, while Ethereum consolidated above the $1,250 levels.
Uniswap rebounded around 5% and XRP 4%. Cardano and Solana gained 2% each. BNB and Tron were among the big losers.
The global cryptocurrency market capitalization was trading slightly higher around $850 billion, gaining around half a percent in the past 24 hours. However, the total trading volume fell by around 25% to $62.20 billion.
The founder of bankrupt cryptocurrency exchange FTX, Sam Bankman-Fried, is asking investors to commit to raising new funds, The Wall Street Journal reported on Tuesday, citing people familiar with the matter.
Crypto lender BlockFi is preparing for a potential bankruptcy filing due to its “significant exposure” to bankrupt crypto exchange FTX, it reported.
The implosion of crypto exchange FTX has shocked the industry financially and led to a “crisis of confidence” in the world of digital assets, said Lex Sokolin, chief economist of decentralized protocols at software firm ConsenSys.
The resolve of long-term bitcoin holders to continue building up their coin reserves has weakened amid fears that the implosion of crypto exchange FTX could prolong the crypto winter.
Note: price change in the last 24 hours
Sathvik Vishwanath, co-founder and CEO of Unocoin, said the liquid exchange acquired by FTX has suspended withdrawals to comply with regulations regarding FTX’s bankruptcy filing.
“Bitcoin is now stable and its 50-day moving average is likely to provide resistance at $17,350 and a cross above this level has the potential to take the price towards $18,190,” he added. .
Technical view of the BuyUcoin cryptocurrency exchange
Algorand (ALGO) is a strong candidate for the creation of a global payment network based on a proof-of-stake mechanism. ALGO is down nearly 90% from its all-time high of $3.28 three years ago, but has recently received considerable attention from crypto enthusiasts as it promises mass use cases to support various applications in real-world concepts.
ALGO is up more than 12% in the past 24 hours on heightened investor interest and momentum should continue if global macro factors remain supportive.
(Disclaimer: The recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)