• Global cryptocurrency market cap dropped to $864 billion in last 24 hours today
In cryptocurrencies, the world's largest and most popular digital token bitcoin was trading one percent lower at $16,499 today. 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 $1,185.
According to CoinGecko data, the global cryptocurrency market capitalization remained below the $1 trillion mark today as it fell to $864 billion over the past 24 hours.
Meanwhile, the price of Dogecoin was down almost 2% today to trade at $0.08 while Shiba Inu was down over 2% at $0.000008. Other crypto price performance also declined today as Binance USD, Avalanche, Tether, Terra, Stellar, Polkadot, Solana, Uniswap, Appcoin, Tron, Polygon, XRP, Cardano, Chainlink, Litecoin with price cuts in the last 24 hours Was doing business.
On the other hand, the world's largest bitcoin fund, Grayscale Bitcoin Trust, fell nearly 7% on Wednesday as investors dumped more digital assets following last week's high-profile disclosure of crypto exchange FTX. Genesis, the latest company to be affected by the FTX turmoil, is owned by Digital Currency Group (DCG), which is also the parent company of Grayscale.
The DCG tweeted that the freezing of the lending business of Genesis had no impact on the firm and its wholly owned subsidiaries. Grayscale Bitcoin Fund, which has $10.7 billion in bitcoin under management, is down nearly 75% over the past 12 months.
Crypto investment bank Genesis Global Trading said in a tweet that it was temporarily suspending redemptions and new loan origination in the wake of the collapse of FTX, which has dealt another blow to cryptocurrencies this year.
Changpeng Zhao, chief executive of top crypto exchange Binance, announced on Monday the launch of a hedge fund and also proposed the creation of an industry body that would bring together the biggest players in the sector.
In 2017, bitcoin saw its price rise before falling, but after several lean years, nicknamed the 'crypto winter', it bounced back in late 2020, rising to a record high of around $65,000 in early 2021. And now its market value is down nearly 70% from this time last year.
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