Bitcoin - the benchmark cryptocurrency rose 6% initially following the announcement of the Binance takeover, but then dived in the red as FTX’s balance sheet and contagion worries gripped investors.
Three Arrows Capital, a cryptocurrency hedge fund, declared on Wednesday that it was committed to working things out, presumably in response to social media speculation that it was having liquidity concerns.
Bitcoin has now tanked by 66 percent since striking a record peak in November - the plunge leading to some hilarious memes on social media.
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Cardano was down 5.3 percent to Rs 69.84 and Avalanche fell 6.6 percent to Rs 6,113.1. Polkadot was down 5.4 percent to Rs 1,373.99 and Litecoin declined 2.25 percent at Rs 8,489.89 in the last 24 hours. Tether was up 0.39 percent to Rs 78.92
The current market cap of all cryptocurrencies currently sits at approximately $1.72 trillion, down from a high of $1.77 trillion during the last 24 hours, according to CoinMarketCap. Many of the crypto industry’s largest, most established cryptocurrencies are also deep in the red.
A market capitalization of around $150 billion was wiped out over the last 24 hours collectively by various cryptos, with the global crypto market cap declining by 14.75 percent, currently standing at 1.57 trillion, per data from the crypto portal Coinmarketcap.
On June 22, Bitcoin slumped below $30,000 - for the first time in over five months, erasing all of its gains for the year. Let's find out what transpired and how investors should read into it.