New Delhi: Crypto market moved higher for the second straight day on Wednesday but the gains were capped in the top tokens, even as the post-FTX crypto world was falling apart.

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.


ALGO 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)

Leave a Reply

Your email address will not be published. Required fields are marked *