Bitcoin, the largest cryptocurrency by market value, was up less than one percent on Tuesday. The price of bitcoin was at $22,864. Its value has increased by four dollars in the last one day. Apart from this, the prices of many other cryptocurrencies also increased marginally.
The price of the second largest cryptocurrency Ether was up by 0.63 percent at $1,632. Apart from this, there was a slight increase in the prices of Tether, Binance Coin, USD Coin, Binance USD, Polygon, Avalanche, Litecoin, Wrapped Bitcoin and Monero. In the last one day, the market capitalization of crypto increased by 0.09 percent to $ 1.06 trillion.
Edul Patel, CEO of crypto firm Mudrex, told Gadgets 360, “Bitcoin is trading in a lower range. It has lost over 2.70 percent in the past week. It has support at $22,800 and resistance at $23,150. Ethereum price also declined but held above $1,600. The low volume in the market is a bearish signal.” in the last seven years bitcoin Nearly three-quarters of people who buy have suffered losses. This information comes from a study by economists at the Bank of International Settlements of data on cryptocurrency investors from about 95 countries over the past seven years.
Joined major crypto exchanges at the end of last year ftx Bankruptcy had a big 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 secretly received billions of dollars in loans over two years.