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Bitcoin rose slightly on Tuesday after briefly hitting a two-year low following the collapse of FTX, but Solana
soil prolonged its decline.

The largest cryptocurrency by market value is trading up 1.1% in the past 24 hours to $16,140 as of 1:14 p.m. New York according to Nomics. On Sunday, it fell to $15,502, a level not seen since November 2020.

Ether is up 2.2% over the period, at $1,124. MATIC of the polygon
led gains among the top 10 cryptocurrencies, posting an 8.4% gain on the day. Sol, the Solana blockchain token notoriously promoted by former FTX CEO Sam Bankman-Fried, is down 3%. The cryptocurrency has lost 95% of its value since hitting an all-time high of $259 almost exactly one year ago.

The Crypto’s total market value stands at $830.9 billion, up 1.3% since yesterday, but down from $1.06 trillion on Nov. FTX did begin to circulate widely.

“The crypto market took a breather after extreme volatility and trading volumes amid the FTX crash, as evidenced by bitcoin seven-day average trading volume plunging to a 3-month low” , said crypto analytics firm Arcane Research in a research on Tuesday. Remark. “The decrease in activity is typical for bitcoin after the collapses.”

The effects of the FTX crisis are still being felt. Nasdaq-listed financial services company Eqonex Group has filed for injunctive relief in Singapore’s High Court after it failed to meet its obligations and obtain cash financing, the company said in a statement. statement to shareholders on Monday. In a deposit with the U.S. Securities and Exchange Commission, Eqonex said its Hong Kong and Singapore-based entities, Diginex and Eqonex Capital, were to be liquidated.

Eqonex was one of the first digital asset companies to go public in the United States. In March, the company announced a strategic partnership with Bifinity, Binance’s payments-focused subsidiary, under which Bfinity agreed to advance a $36 million convertible loan.

Separately, Changpeng Zhao, CEO of Binance, and several deputies would have met with investors in Abu Dhabi last week in a bid to raise funds for a crypto industry stimulus fund, which Zhao announcement earlier this month. Potential backers include entities affiliated with UAE national security adviser Sheikh Tahnoon bin Zayed. A Binance spokesperson told Bloomberg that Zhao’s meetings in Abu Dhabi “were all focused on general global regulatory issues – particularly how regulators in the Middle East could lead the world in exploring regulatory requirements.” more aggressive proof of custody for crypto exchanges”.

Meanwhile, Ark Invest, the investment firm run by renowned stock picker Cathie Wood, has double in the sector in difficulty. According to Ark’s daily transaction reports, three of the company’s funds, including its flagship ETF Ark Innovation, have invested $62.7 million in shares of exchange Coinbase, crypto bank Silvergate and Grayscale Bitcoin.
Trust since November 11, the day FTX and affiliated entities filed for bankruptcy.

Matt Hougan, chief investment officer at crypto asset manager Bitwise, says the market will remain choppy for at least the next six months. “In fact, I think crypto assets have held up remarkably well, given the overall level of risk and loss of confidence we’ve seen,” says Hougan. “But I think there’s going to be another six to 12 months of uncertainty before investors feel it’s safe to get back in the water.”

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