Tuesday, February 7, 2023
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Bitcoin continues to rise, price crosses $ 23,070

In terms of market value, the largest cryptocurrency Bitcoin started trading with a gain of 2.58 percent on Tuesday. Along with this, the prices of most cryptocurrencies have increased. The price of bitcoin was at $23,071. Its value has increased by more than $ 350 in the last one day.

The price of the second largest cryptocurrency Ether has increased by 1.20 percent. Gadgets 360 crypto price tracker As of now, its price was at $1,638. There were also gains in Avalanche, Tron, Litecoin, Wrapped Bitcoin, Solana, Cardano, Polygon as well as stablecoins Tether, USD Coin, Ripple and Binance USD. In the last one day, the market capitalization of crypto was at $ 1.06 trillion with an increase of 1.33 percent.

“SOL is up more than 20 percent,” Parth Chaturvedi, crypto ecosystem lead at crypto trading app CoinSwitch, told Gadgets 360. Electric Capital’s developer report could be a big reason behind this, which talks about the strength of the Solana ecosystem. reported. Bitcoin and Ether are trading near important support levels. Despite massive layoffs by big tech companies like Google and Microsoft and the bankruptcy of Genesis, Bitcoin and Ether are bullish.”

The bankruptcy of one of the major crypto exchanges, FTX, at the end of last year had a major impact on the market. Due to this, a large number of investors had distanced themselves from cryptocurrencies. Clients’ funds were used by modifying FTX’s software. The exchange’s chief engineer changed the code to allow Alameda Research, the firm of FTX founder Sam Bankman Fried, to sell its assets even if it took a loss on the borrowed money. This exemption allowed the firm to borrow funds from FTX regardless of the value of the collateral. This change in code was caught by the US Securities and Exchange Commission (SEC). SEC reported that Alameda Research was being given credit without any limit. The firm had secretly received billions of dollars in loans over two years.

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