BackBitcoin, ether, dogecoin, polygon other crypto prices today under pressure. Latest rates
The global cryptocurrency market cap today was down in the last 24 hours to $864 billion
PremiumIn cryptocurrencies, the world's largest and most popular digital token Bitcoin's price today was trading over a per cent lower at $16,499. On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, also fell by more than a per cent to $1,185.
The global cryptocurrency market cap today remained below the $1 trillion mark, as as it was down in the last 24 hours to $864 billion, as per the data by CoinGecko.
Meanwhile, dogecoin price today was trading nearly 2% lower at $0.08 whereas Shiba Inu was down over 2% at $0.000008. Other crypto prices' today performance also declined as Binance USD, Avalanche, Tether, Terra, Stellar, Polkadot, Solana, Uniswap, ApeCoin, Tron, Polygon, XRP, Cardano, Chainlink, Litecoin prices were trading with cuts over the last 24 hours.
On the other hand, Grayscale Bitcoin Trust, the world's largest bitcoin fund, fell almost 7% on Wednesday, as investors dumped more digital assets after last week's high-profile unraveling of crypto exchange FTX. Genesis, the latest company to be hit by FTX turmoil, is owned by Digital Currency Group (DCG), which is also the parent company of Grayscale.
Parth Chaturvedi, Crypto Ecosystem Lead, CoinSwitch said “Last week was dominated by the details emerging from the FTX bankruptcy filing, which revealed that the underlying jumble is a lot murkier and the industry continued to guess the potential spread of contagion. Most notably, the Top 50 creditors were owed over $3 billion, but their names were kept confidential which created more speculation in the markets. However, the market found a local bottom when Barry Silbert clarified that there's no bankruptcy threat to DCG group companies, including Genesis. The overhang on the potential unwinding of Grayscale's Bitcoin Trust still kept investors on the edge."
He further added that “The silver lining continued to be the improving global macro backdrop particularly in the US, where expectations of Fed slowing down on its hiking cycle gathered steam and resulted in a relief rally across 'risk-on' assets that was sustained over the week. Broader crypto markets have traded in a narrow range, after the massive selloffs in the previous two weeks, settling between a market capitalisation above $850bn but remained below $900bn. BTC formed a local bottom around $15.6k and now continues to struggle around $16.5k, while ETH is trading around $1.2k. SOL continued to trade below $15, with an overall market capitalisation just above $5 billion."
“Closer home, CRE8, an Indian Rupee denominated Virtual Digital Asset (crypto) index was down 1.44% in the past 7 days. The Index value stood at ₹2376.71 at 8 AM, November 25, 2022. BTC and ETH continue to be the top assets by market capitalisation," said Parth Chaturvedi.
DCG tweeted that freezing Genesis' lending business had no impact on the firm and its wholly-owned subsidiaries. Grayscale bitcoin fund, which has $10.7 billion worth of bitcoin under management, has slumped about 75% in the past 12 months.
Crypto investment bank Genesis Global Trading said in a tweet it was temporarily suspending redemptions and new loan originations in the wake of FTX's collapse, which has given cryptocurrencies another hammering this year.
Top crypto exchange Binance's chief executive Changpeng Zhao announced on Monday the launch of a rescue fund and also proposed the creation of an industry body that would bring together the biggest players in the sector.
In 2017, bitcoin saw its price soar before collapsing, but after several lean years, nicknamed ‘crypto winter’, it came back at the end of 2020, rising to a record almost $65,000 at the start of 2021, and now its market value is down about 70% since the same time last year.
(With inputs from agencies)
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