Today, cryptocurrency values climbed, with Bitcoin, the world’s largest and most popular crypto, trading about 2% higher at $16,947. According to CoinGecko, the global cryptocurrency market valuation stayed below $1 trillion today, despite being almost flat in the past 24 hours at $873 billion.
However, Ether, the second biggest cryptocurrency and the coin tied to the Ethereum blockchain, fell by more than a percent to $1,227.
Meanwhile, the price of dogecoin today was 0.4% higher at $0.08, while Shiba Inu remained unchanged at $0.000009. Today’s performance of other crypto prices was varied, with Avalanche, Tether, Litecoin, Binance USD, Terra, Tron, XRP, Stellar, Chainlink, and Polkadot prices rising and Uniswap, Solana, Polygon, ApeCoin, and Cardano prices falling.
Recent Crypto Updates amid FTX Collapse
The Wall Street Journal claimed Thursday that cryptocurrency lender Genesis sought a $1 billion emergency loan from investors before suspending withdrawals on its website, citing a private fundraising letter. Genesis Global Capital halted client redemptions in its lending business on Wednesday, citing the abrupt demise of Sam Bankman-crypto Fried’s exchange FTX.
#crypto lender Genesis, the biggest #bitcoin OTC desk and major lender, needs a billion by Monday. 😬
— Lark Davis (@TheCryptoLark) November 18, 2022
The collapse of FTX has reverberated across the sector, limiting liquidity at organisations with exposure to what was once one of the world’s largest crypto exchanges and leading authorities in numerous countries to launch investigations. As a result of FTX’s demise and subsequent Chapter 11 bankruptcy filing in the United States, the cryptocurrency market is on edge. After rival exchange Binance backed out of a proposed merger, FTX founder and CEO Sam Bankman-Fried filed for bankruptcy in the United States last week.
In other events, Binance’s US unit is relaunching its offer to acquire insolvent loan company Voyager Digital. After Voyager terminated its arrangement with FTX this week and said, it was in active conversations with numerous potential bidders.
FTX is the latest crypto business to face financial difficulties this year, as the value of crypto assets has plummeted. Other bankruptcies include Celsius, a bank-like organisation that accepted crypto deposits in return for income, and Three Arrows Capital, an Asia-based hedge fund.