If we look at the cryptocurrency market in terms of cryptocurrency capitalization, the largest cryptocurrency Bitcoin gained a whopping 9.37 percent on Tuesday. After the ongoing decline in the crypto market for the last few days and the shocks to the crypto market, now the price of bitcoin has crossed $ 24,300. In the last one day, the value of bitcoin has increased by more than $ 2,000.
If we talk about other cryptocurrencies, then Ether has also got a gain of 5.63 percent. According to the crypto price tracker available in the market, the price of Ether was at $1,673. In the last one day, the price of this cryptocurrency has increased up to $84. Along with the rise in bitcoin and ether, there has also been an increase in the prices of most of the cryptocurrencies present in the market. These include cryptocurrencies like Avalanche, Cardano, Polygon, Solana, Polkadot, Tron and Litecoin. Apart from all this, stablecoins like Tether, USD Coin, Ripple and Binance USD also saw a boom. Due to this increase, the market capitalization of crypto has increased by about 5.50 percent to cross $ 1.08 trillion in the last one day.
Rajagopal Menon, Vice President of crypto exchange WazirX, has told that, “This is a temporary respite in the market after the heavy selling in the crypto segment for the past several days. The exchange net position of bitcoin crypto has curbed this selloff.” There are also signs of getting involved.”
Parth Chaturvedi, Crypto Ecosystem Lead at CoinSwitch, told us, “The bankruptcy of three banks involved in the crypto segment, Silvergate, SVB and Signature, could pose a liquidity problem in the short-term as these banks hold crypto assets in US dollars.” were a great medium for exchange between. And it may look like new banking partners for the crypto industry.
Many firms in this segment are going to Mercury and BCB Group to cater to the needs of crypto startups. We may also see a lot of firms in this segment moving to more friendly destinations like Switzerland, Dubai, UK and Hong Kong.”
As we all know, the bankruptcy of FTX, one of the major crypto exchanges at the end of last year, had a huge impact on the market. Due to this, a large number of investors had also distanced themselves from cryptocurrencies. Clients’ funds were also used by changing the software of FTX. The exchange’s chief engineer changed its code to allow Alameda Research, the firm of FTX founder Sam Bankman Fried, to sell its assets despite losses on borrowed funds.