Markets: Bitcoin, crypto rise as FTX contagion fears ease

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Bitcoin soared above US$16,000 in early trading Wednesday morning as it surged alongside ether and the rest of the top 10 cryptos by market cap, outpacing stablecoins, as the market was preparing for a week of contagion before the current bankruptcy. Already cleared up the doubt. Crypto exchange ftx.

See related articles: Cathy Woods buys dip as Arch Invest buys Coinbase, GBTC shares: Bloomberg

fast facts

  • Bitcoin is up 2.6% at $16,198 in Hong Kong in the 24 hours to 8 a.m., while ether is up 2.5% at $1,135. according to coinmarketcap, Memecoin Leaders, Dogecoin gained 5.1% to $0.07 and Polygon gained 6.8% to $0.85.

  • Litecoin recorded the biggest gain on this list, jumping 13.7% to US$70.09, representing a 20.76% increase in the last seven days as it climbed several positions on the Coinmarketcap list. Despite the broader market decline, the blockchain recently reached its highest mining difficulty on November 18, and cryptoslate recently wrote It “[Litecoin’s] The resurgence is likely a symptom of crypto users seeking stability in a chaotic market.

  • While up 5% at US$12.44 on Wednesday morning, Solana continued its decline in Coinmarketcap’s rankings, which began as Alameda Research dumped a large chunk of its holdings in the token at amid the collapse of sister company FTX. started selling.

  • The market was hectic on Tuesday Brokerage firm Genesis Global Capital halted withdrawals amid increased trading activity, raising concerns for venture capital parent Digital Currency Group (DCG), which revealed it had to $575 million to Genesis. Despite this, DCG revealed in a letter to shareholders that the loans were not due until May 2023, and that the company aims to emerge “stronger” after the crypto winter, starting Tuesday. Wall Street Journal report,

  • “The collapse of FTX is the story of a company choosing to operate outside of existing regulations, while demonstrating that it is regulated. In Australia, the collapse of FTX has brought to light the question of how crypto exchanges sell assets to their clients cannot provide absolute legal ownership because they are unregulated,” said Jeff Yu, Managing Director of Monochrome Asset Management, Australia. dismiss By email.

  • “This is more important for operations that have specific legal requirements [self-managed superannuation (retirement) fund]Storing cryptocurrency on crypto trading platforms may result in obligations for trustees to ensure full possession of risky assets,” he said.

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

  • US investors are eagerly awaiting the release of the minutes of the Federal Reserve’s November meeting. Tune in Wednesday to hear how the Fed views current economic conditions and forecasts possible further interest rate hikes as it continues to battle high inflation for nearly 40 years.

  • 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 its target range of 2%.

See related articles: Officials of SBF’s parent company FTX buy $121m worth of Bahamian assets: Reuters

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