Bitcoin, ether, dogecoin, other crypto prices continue to remain under pressure. Check latest rates

In cryptocurrency, the price of Bitcoin, the world’s largest and most popular digital token, was trading nearly 2% lower today at $16,588. The global crypto market capitalization today remained below the $1 trillion mark as it is down nearly 1% in the last 24 hours to $870 billion, according to CoinGecko.

On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrencyit also plunged by more than 4% to $1,208.

“Most cryptocurrencies fell after Genesis suspended withdrawals. Bitcoin is currently trading below the $16,700 level. Although BTC rose on Tuesday, reacting to the latest inflation news, it was unable to sustain the gains. If BTC sustains below the $17,622 level, it may increase the possibility of a break below the $15,588 zone. On the other hand, Ethereum is down 3% in the last 24 hours. It suggests the strength of sellers in the market. If the selling pressure intensifies, we may see ETH drop towards the $1,100 level. To gain an advantage, buyers need to push the price above the $1,300 level,” said Edul Patel, CEO and co-founder of Mudrex.

Meanwhile, the dogecoin price was trading 2% lower today at $0.08, while Shiba Inu was also down a percentage at $0.000009. Today’s performance of other cryptocurrency prices also declined as Binance USD, Avalanche, Solana, Tether, XRP, Terra, Tron, Litecoin, ApeCoin, Polygon, Cardano, Stellar, Chainlink, Uniswap, Polkadot prices traded with cuts in the last 24 hours.

Cryptocurrency brokerage Genesis is suspending redemptions and new loan origination at its lending business after facing what it described as “abnormal withdrawal requests” following the FTX collapse. Withdrawal requests exceeded current liquidity at Genesis Global Capital, the lending arm, Bloomberg reported.

FTX filed for bankruptcy on Friday, sending shockwaves through the cryptocurrency industry, which has seen enormous volatility this year, including a sharp drop in the price of bitcoin and other digital assets. FTX’s sudden plunge into bankruptcy is cascading through crypto markets, with terrified clients rushing to withdraw their assets from other platforms.

The opinions and recommendations made above are those of individual analysts or brokerage firms, and not of the Mint.

(With agency contributions)

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