In 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.
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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