- The global cryptocurrency market cap today was up over 2% in the last 24 hours to $896 billion
In cryptocurrencies, the world’s largest and most popular digital token Bitcoin trading more than 2% higher at $17,230. The biggest token is down by three-quarters from its record high of $69,000. The global cryptocurrency market cap today remained below the $1 trillion mark, even as it was up over 2% in the last 24 hours to $896 billion, as per the data by CoinGecko.
On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, also gained by over 3% to $1,281. Meanwhile, dogecoin price today was trading more than a per cent higher at $0.09 whereas Shiba Inu was up at $0.000009.
“Bitcoin has consolidated above the $17,000 level in the past 24 hours. Even though BTC touched the $17,424 mark, the surge couldn’t last long as bears suddenly took over. The next immediate support of BTC would lie at the $17,000 level, while the resistance lies above the $17,400 level. On the other hand, Ethereum is trading at the $1,281 level. Further growth is possible only if the rate reaches the $1,300 area and fixes there,” said Edul Patel CEO and Co-Founder of Mudrex.
Other crypto prices’ today performance also improved as Binance USD, Avalanche, Tether, Terra, Solana, Polygon, ApeCoin, Stellar, XRP, Cardano, Uniswap, Polkadot, Chainlink, Litecoin, Tron prices were trading with gains over the last 24 hours.
Parth Chaturvedi, Crypto Ecosystem Lead, CoinSwitch said “Last week witnessed several attempts by SBF to build his case in the mainstream media. Still, the regulator’s grip continued to tighten on both FTX and Alameda, as glaring corporate governance issues continued to surface. The resultant contagion has claimed its next victim as BlockFi filed for Chapter 11 Bankruptcy, with over $1 billion in outstanding liabilities and >$350 million in crypto assets frozen on FTX. Surprisingly, the crypto market’s reaction to these events was fairly neutral, and trading remained rangebound throughout the week.”
“Crypto markets have settled higher, almost at a $900 billion market capitalisation, with BTC and ETH comfortably trading above crucial $17k and $1.25k levels. The primary support driver for broader “risk-on assets” has been the continued expectation of the Fed slowing down on its hiking cycle as inflation and employment data suggest that the economy is cooling off,” said Parth Chaturvedi.
“With all the negative news around, it’s easy to lose track of genuine mainstream crypto adoption, which saw several positive developments last week, including Fidelity and Stripe bringing crypto to the masses, alongside Telegram’s plans to launch its own crypto wallet. In the Altcoin universe, prices of gaming tokens have been on a tear after being in turmoil in the past few weeks. Particularly worth highlighting was Axie Infinity’s game token, AXS, which jumped over 20% in price last week, as it revealed plans to advance “progressive decentralization strategy” with the Axie community, including establishing an ‘Urban Planning’. Closer home, CRE8, an Indian Rupee denominated Virtual Digital Asset (crypto) index was down 0.44% in the past 7 days. The Index value stood at ₹2416.49 at 8 AM, December 09, 2022. BTC and ETH continue to be the top assets by market capitalisation,” said Parth Chaturvedi.
The US securities regulator on Thursday advised public companies to examine whether they need to disclose to investors any potential impacts from turmoil in the cryptocurrency industry, reported Reuters.
The guidance from the Securities and Exchange Commission’s (SEC) division of corporation finance – tasked with ensuring public companies give investors key information – is the latest sign that regulators are on high alert for further fallout in the wake of the collapse of major crypto firms including FTX and BlockFi Inc.
The collapse of FTX last month was the most shocking in a series of closures of key market players this year including Celsius and Voyager, major tokens terraUSD and Luna that have shaken investment sentiment and wiped out $1.5 trillion in cryptocurrency market capitalization.
The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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