Representations of the bitcoin and dogecoin cryptocurrencies can be seen in this illustration.
• FTX is the latest crypto company to fall under financial stress this year as the value of the crypto asset plummets
Cryptocurrency prices soared today as the world's largest and most popular digital coin, bitcoin was trading nearly 2% higher at $16,947. According to CoinGecko, the global crypto market cap remained below the $1 trillion mark today, even though it was almost flat to $873 billion over the past 24 hours.
On the other hand, Ether, the coin associated with the Ethereum blockchain and the second largest cryptocurrency, also fell by more than one percent to $1,227.
Meanwhile, Dogecoin price was trading up 0.4% today at $0.08 while Shiba Inu was also flat at $0.000009. Other crypto prices had a mixed performance today as Binance USD, Avalanche, Tether, XRP, Terra, Tron, Litecoin, Stellar, Chainlink, Polkadot were trading with gains in the last 24-hours, while Solana, Uniswap, , Polygon, AppCoin, Cardano fell. ,
The Wall Street Journal reported on Thursday, citing a confidential fundraising document, that crypto lender Genesis was seeking $1 billion in emergency loans from investors before suspending withdrawals on its website. Citing the sudden failure of Sam Bankman-Fried's crypto exchange FTX, Genesis Global Capital on Wednesday suspended customer redemptions in its lending business.
The explosion of FTX has caused ripples across the industry, reduced liquidity among firms with exposure to one of the world's largest crypto exchanges, and prompted investigations by regulators in several countries. The crypto market has been staggering following the collapse of FTX, which is seeking Chapter 11 bankruptcy protection in the United States. Last week, FTX filed for US bankruptcy protection and its founder Sam Bankman-Fried resigned as CEO, with rival exchange Binance walking away from a proposed acquisition.
In other news, the US unit of Binance is resuming its bid to buy bankrupt lending platform Voyager Digital, CoinDesk reported on Thursday, after Voyager terminated the deal with FTX this week, saying that It was in active discussion with several alternative bidders.
FTX is the latest cryptocurrency company to come under financial pressure this year as the crypto asset plummeted in value. Other failures include Celsius, a bank-like company that took crypto deposits in exchange for a yield, as well as an Asia-based hedge fund known as Three Arrows Capital.
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