On Wednesday, the value of Bitcoin surged to $16,827, leading to a boost in the popularity of the largest digital token trading platform in the world. Even though the global market capitalization of cryptocurrencies rose by 2% to $855 Billion in the past 24 hours, according to CoinGecko data, it still remains below the $1 Trillion mark.
The second-largest cryptocurrency, Ether, linked to the Ethereum Blockchain, experienced a more-than 2% increase to $1253. The current price of Dogecoin is $0.07, which is 2% lower than the previous trading day. Shiba Inu is trading at $0.000008.
Other digital tokens also saw increases in their prices over the past 24 hours; these include Tether, Stellar, XRP, Cardano, Polkadot, Uniswap, Chainlink, XRP, Solana, Avalance, and Polygon. Solana, Litecoin, Apecoin, and Tron, however, slipped.
The country was rocked by the Fed’s policy tightening, with major central banks worldwide raising interest rates to combat record inflation. This caused an implosion of Terra Ecosystem and LunaHedge funds, and the sudden collapse of FTX Exchange.
Sam Bankman-Fried, the owner of FTX, was accused of stealing billions of dollars from the platform’s clients. He allegedly used the funds for venture investments, luxury properties purchases, and political contributions. On Tuesday, the defendant pleaded not guilty in the Manhattan federal court.
In a recent update, Genesis, a cryptocurrency broker, informed its clients that it needed to take more time to address the problems in its lending division. This was caused by the FTX liquidity emergency in the digital asset market.
“We want to move things as quickly as possible, but this is a complex task that will take more time. We believe we can solve the problem,” Derar Islim, the interim CEO, said in a letter sent to Bloomberg News.
(With Contributions From agencies