Tuesday, February 7, 2023
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Crypto market continues to decline with Bitcoin and Ether

The price of Bitcoin, the largest cryptocurrency in terms of market capitalization, opened with a decline of about two percent on Tuesday. Its value has decreased by about 1.30 percent in the last one day. It was at $16,664 on international exchanges such as Binance and Coinbase. In the last one day, the value of bitcoin has fallen by about $263.

second largest cryptocurrency ether The price of is also broken. It was trading at $1,184. Apart from this, stablecoins such as Tether, USD Coin and Binance USD and Binance Coin, Ripple, Cardano, Polygon, Polkadot, Tron and Litecoin also declined. The market capitalization of crypto stands at around $810 billion. The bankruptcy of FTX, one of the major crypto exchanges, has brought down the crypto market. Apart from this, the slowdown and some other reasons have also affected the market.

The Organization for Economic Cooperation and Development (OECD) has attributed the major reason for the lack of recovery in the value of the crypto market to institutional investors. OECD has said in a report that institutional investors have sold more than retail investors amid the fall in the crypto market. After the bankruptcy of FTX, a large number of investors have shied away from cryptocurrencies. ftx The funds of the clients were used by changing the software of 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. After this, the customers of the exchange tried to withdraw billions of dollars from it, but most of them could not take their money.

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