The inflation data encouraged investors, which pushed Bitcoin close to $17,000-mark, whereas Ethereum was consolidating above $1,250 levels.
Uniswap rallied about 5% and XRP 4%. Cardano and Solana gained 2% each. BNB and Tron were among the top losers.
The global cryptocurrency market cap was trading marginally higher around $850 billion, gaining about half a per cent in the last 24 hours. However, the total trading volume tanked about 25% to $62.20 billion.
Global Updates
Founder of bankrupt cryptocurrency exchange FTX, Sam Bankman-Fried, is seeking commitments from investors to raise fresh cash, the Wall Street Journal reported on Tuesday, citing people familiar with the matter.
Crypto lender BlockFi is preparing a potential bankruptcy filing because of its “significant exposure” to bankrupt crypto exchange FTX, it reported.
The implosion of crypto exchange FTX has shocked the industry financially and led to a ‘confidence crisis’ in the world of digital assets, Lex Sokolin, head economist of decentralized protocols at software company ConsenSys, said.
Long-term bitcoin holders’ resolve to keep building their coin stashes has weakened amid fears that the implosion of crypto exchange FTX will prolong the crypto winter.
Note: Price change in last 24 hours
Expert take
Sathvik Vishwanath, Co-Founder & CEO, Unocoin said that the liquid exchange acquired by FTX has suspended withdrawals to comply with regulations regarding FTX’s bankruptcy filing.
“Bitcoin is now stable and its 50-day moving average is likely to provide resistance at $17,350 and a cross above this level has the potential to lead the price towards $18,190,” he added.
Tech view from BuyUcoin cryptocurrency exchange
Algorand (ALGO) is a strong contender for creating a global payment network based on a proof-of-stake mechanism. ALGO is down almost 90% from its all-time high of $3.28 three years ago but it has received significant attention from crypto enthusiasts recently as it promises mass use cases for supporting various applications in real-world concepts.
ET CONTRIBUTORSALGO is up by over 12% in the last 24 hours due to increased interest from investors and the momentum is expected to sustain if overall macroeconomic factors remain favourable.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
