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Bitcoin recovered above US$16,000 in Wednesday morning trading as it rose along with Ether and the rest of the top 10 cryptos by market capitalization, excluding stablecoins, as the market shook the lingering doubts from the start of the week of further contagion from the now-bankrupt. FTX crypto exchange.

See related article: Cathie Woods buys dip as Ark Invest buys Coinbase, GBTC shares: Bloomberg

Fast facts

  • Bitcoin was up 2.6% to hit US$16,198 in the 24 hours to 8am in Hong Kong, while Ether gained 2.5% to change hands at US$1,135, according to CoinMarketCap. Top memecoin Dogecoin rose 5.1% to US$0.07 and Polygon gained 6.8% to US$0.85.

  • Litecoin posted the largest gains on this list, rising 13.7% to US$70.09, up 20.76% over the past seven days, as it rose several positions on CoinMarketCap’s listing. Despite the broader market downturn, the blockchain recently reached its all-time high mining difficulty on November 18, and CryptoSlate recently wrote this “[Litecoin’s] the resurgence is likely a symptom of crypto users seeking stability in a chaotic market.

  • After gaining 5% to US$12.44 on Wednesday morning, Solana continued its decline in the CoinMarketCap rankings, which began as Alameda Research began selling large amounts of its holdings in the token to the amid the collapse of sister company FTX.

  • The markets were shook tuesday as brokerage firm Genesis Global Capital suspended withdrawals amid increased trading activity, worrying venture capital parent Digital Currency Group (DCG), which revealed it owed $575 million dollars to Genesis. Despite this, DCG disclosed in a letter to shareholders that the loans were not due until May 2023, and the company aims to emerge “stronger” after Crypto Winter, according to a Tuesday. Wall Street Journal report.

  • “The collapse of FTX is the story of a company that chose to operate outside of existing regulation while presenting itself as regulated. In Australia, the collapse of FTX has brought to light the problem that crypto exchanges do not and cannot provide full legal ownership of the asset to their clients because they are unregulated,” said Jeff Yew, managing director of Monochrome Asset Management in Australia. Forkast by email.

  • “This is all the more critical for operations that have specific legal requirements such as a [self-managed superannuation (retirement) fund]. Storing cryptocurrency on crypto-trading platforms could jeopardize fiduciaries’ obligation to secure absolute title to the asset,” he added.

  • US stocks closed higher on Tuesday. The Dow Jones Industrial Average rose 1.2%, while the S&P 500 Index and the Nasdaq Composite Index both gained 1.4%.

  • US Investors Eagerly Await Federal Reserve Release Minutes from the November meeting Wednesday for an overview of how the Fed views current economic conditions and its plans for likely further interest rate hikes as it continues to battle near-40-year inflation.

  • The Fed has raised interest rates since March of this year in an attempt to curb inflation, taking them from near zero to a 15-year high of 3.75% to 4%. The Fed has indicated that it will continue to raise rates until inflation reaches a target range of 2%.

See related article: SBF parents and FTX execs bought $121m Bahamas property: Reuters



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