In terms of market capitalization, there has been a big drop in the price of Bitcoin, the largest cryptocurrency at the end of last week. The reason for this is the huge devastation caused by the earthquake in Turkey and Syria. At the end of last week, bitcoin fell to the level of $ 21,000. There has been some recovery in its price and it was trading at around $21,672.
The price of Ether has dropped by 1.60 percent. Gadgets 360 crypto price tracker As of, the price of Ether was at $1,506. Apart from this, there was a loss in most cryptocurrencies including Binance Coin, Cardano, Polygon, Solana and Polkadot. The bullish cryptocurrencies included stablecoins Tether, Binance Coin, USD Coin, Binance USD as well as Tron, Wrapped Bitcoin and Monero. In the last one day, the market capitalization of crypto fell by 0.39 percent to about $ 1.01 trillion.
Edul Patel, co-founder and CEO of crypto firm Mudrex, told Gadgets 360, “US crypto exchange Kraken has been fined $30 million by the SEC for shutting down its staking service and failing to register for the service.” Bitcoin and Ether are under pressure after the payment announcement. Bitcoin is looking bearish and if this trend continues, it may decline further.”
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). The SEC reported that Alameda Research was being given credit without any limit. The firm had received billions of dollars in loans over two years.