Tuesday, February 7, 2023
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Crypto market booms with recovery in Bitcoin and Ether

After a continuous decline this week, there was some growth in the crypto market on Wednesday. In terms of market capitalization, the price of the largest cryptocurrency Bitcoin opened up by 0.63 percent. It stood at $16,842. Ether, the second largest cryptocurrency, gained more than bitcoin. Its price was increased by about 1.46 percent to $ 1,210. Ether has gained $26 in the last one day.

CoinDCX’s research team told Gadgets 360, “US Treasury bond yields continue to rise. The 10-year and 30-year bond yields are at 3.58 percent and 3.6 percent, respectively. This is indicating that the market is ready for interest rates.” Expect it to be higher for a few months.” The prices of Binance Coin, Ripple, Tron, Litecoin, Uniswap, Chainlink, Monero and Stellar have also increased. However, there were some losses in Binance USD, USD Coin, Cardano and Polygon.

in the last day crypto Its market capitalization increased by 0.20 percent to about $ 808 billion. Bitcoin touched a high of over $67,000 in November last year. Since then, its price has come down significantly due to the slowdown and some other reasons. This has caused huge losses to the investors as well as the firms associated with the crypto segment.

Included in major crypto exchanges ftx Bankruptcy has also had a big impact on this market. Due to this, a large number of investors have 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 has been caught by the US Securities and Exchange Commission (SEC). The SEC reported that Alameda Research was being given credit without any limit. Billions of dollars were loaned to the firm in secret over two years. Troubles for the exchange started last month when its balance sheet was questioned.

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