Bitcoin recovered above $16,000 in Wednesday morning trading as it rallied alongside Ether and the rest of the top 10 cryptocurrencies by market capitalization, excluding stablecoins, as the market shook its doubts. leftovers from the beginning of the week about further contagion from the current bankruptcy of crypto exchange FTX.
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Bitcoin was up 2.6% to $16,198 in the 24 hours to 8am in Hong Kong, while Ether was up 2.5% to change hands at $1,135, according to CoinMarketCap. Top memecoin Dogecoin is up 5.1% to $0.07 and Polygon is up 6.8% to $0.85.
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Litecoin had the biggest gain on that list, up 13.7% to $70.09, representing a 20.76% gain over the past seven days as it surged several spots on CoinMarketCap’s list. Despite the broader market downturn, blockchain recently reached its all-time high mining difficulty on Nov. CryptoSlate recently wrote that “[Litecoin’s] The resurgence could be a symptom of crypto users looking for stability in a turbulent market.”
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Although it rallied 5% to $12.44 on Wednesday morning, Solana continues to slide down CoinMarketCap’s rankings, which began when Alameda Research began selling large amounts of its token holdings amid the corporate landscape. FTX sisters collapsed.
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market is loud on Tuesday as brokerage Genesis Global Capital halted withdrawals amid heightened trading activity, raising concerns for parent venture capital firm Digital Currency Group (DCG), which said it owed Genesis $575 million US dollars. Even so, DCG has revealed in a letter to shareholders that the loans won’t come due until May 2023, and the company aims to become “stronger” after the Crypto Winter. , according to a report Tuesday. Wall Street Journal report.
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“The demise of FTX is the story of a company that chose to operate outside of current regulation while portraying it as regulated. In Australia, the collapse of FTX has shed light on the issue that crypto exchanges do not and cannot provide full legal ownership of assets to their customers, as they are unregulated. control,” said Jeff Yew, chief executive officer of Monochrome Asset Management of Australia. fork via email.
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“This is even more important for holdings that have specific regulatory requirements such as [self-managed superannuation (retirement) fund]. Storing cryptocurrencies on crypto trading platforms can put fiduciaries’ obligations to guarantee absolute rights to assets at risk,” he added.
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US stocks closed higher on Tuesday. The Dow Jones Industrial Average rose 1.2%, while the S&P 500 and Nasdaq composite both gained 1.4%.
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US investors eagerly await the release of Federal Reserve data November meeting minutes on Wednesday for details on how the Fed views current economic conditions and its plans for the possibility of further rate hikes as it continues to battle near 40-year high inflation.
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The Fed has been raising interest rates since March this year to try to slow inflation, lifting them from near zero to a 15-year high of 3.75% to 4%. The Fed has signaled that it will continue to raise interest rates until inflation reaches its target level of 2%.
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