Cryptocurrency prices today rose with the world’s largest and most popular digital token Bitcoin’s price today was trading more than 4% higher at $1,018. On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, also rose by more than 7% to $1,272.
“Bitcoin gained about 4% on Tuesday over the previous day. BTC started the week with a low of $16,054 and surged above the $16,900 level in the past 24 hours. This surge saw BTC climbing from about $16,200, which has been in play for the past two weeks. If the price strengthens in the upward direction, we could see more bulls entering the market and pushing BTC above the $17,000 level soon. The second largest cryptocurrency, Ethereum, has also increased, trading above the $1,270 level. Bulls might likely push ETH above the $1,300 level today,” said Edul Patel, CEO and Co-founder, Mudrex.
The global cryptocurrency market cap today remained below the $1 trillion mark, even as it was up in the last 24 hours to $895 billion, as per the data by CoinGecko.
Meanwhile, dogecoin price today was trading more than 6% higher at $0.10 whereas Shiba Inu was up over 2% at $0.000009. Other crypto prices’ today performance also improved as Binance USD, Avalanche, Tether, Terra, Stellar, Polkadot, Solana, Uniswap, ApeCoin, Tron, Polygon, XRP, Cardano, Chainlink, Litecoin prices were trading with gains over the last 24 hours.
US cryptocurrency brokerage Genesis said it was seeking to avoid bankruptcy after Bloomberg news reported on Tuesday that creditors to the firm are organizing with restructuring lawyers to prevent insolvency.
The crypto lending arm of US digital asset broker Genesis Trading suspended customer redemptions earlier this month, citing the sudden failure of FTX, where its derivatives business has approximately $175 million in locked funds, the company had said. It had warned potential investors that it may need to file for bankruptcy if its efforts to raise cash fail, halted redemptions shortly after revealing on Nov. 10 that it had $175 million locked in an FTX trading account.
Crypto prices have remained under pressure this month after the collapse of Sam Bankman-Fried’s FTX empire. Now, investors are watching other crypto companies to see how far the contagion might spread.
(With inputs from agencies)
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