Bitcoin, Ether Rally as the Overall Crypto Market Surges 3 Percent During the Ongoing Crypto Winter

Most cryptocurrencies have managed to turn a profit this week despite prevailing volatility and the ongoing crypto winter spurred by the collapse of crypto exchange FTX last month. Bitcoin registered a gain of 3.70 percent on Wednesday to open trading at $17,783 (approximately Rs. 14.7 lakh). In the past 24 hours, the value of BTC has grown by $663 (approximately Rs. 54,806) from yesterday’s price of $17,150 (approximately Rs. 14 lakh). According to the data reflected by international exchanges, BTC gained just under four percent and was trading at a similar price.

Ether grew 3.53 percent in price alongside Bitcoin on Wednesday. The ETH price stood at $1,318 (approximately Rs. 1.08 lakh) at the time of writing, according to Gadgets 360 crypto price tracker.

Most altcoins rallied behind BTC and ETH and posted gains on Wednesday. These include Binance Coin, Ripple, Binance USD, Cardano, Polygon, and Polkadot.

Memecoins Shiba Inu and Dogecoin also witnessed price increases of 4.35 percent and 1.78 percent, respectively.

While DOGE is currently trading at $0.091 (approximately Rs. 7.55), SHIB is priced at $0.0000092 (approximately Rs. 0.000762).

At this point, only a small number of altcoins have settled with losses today. These include Tether, USD Coin, Leo, Cosmos, Elrond, and Iota.

“The probability that the FED will be able to reverse and slow the pace of rate hikes to 50 basis points instead of 75 basis points during tomorrow’s FOMC is skyrocketing to about 80 percent. What this data might also suggest is that there is now credence to the idea that inflation clearly peaked at 9.1 percent earlier this year in June, given two consecutive disinflationary numbers and supply chains falling apart with a significantly decreasing commodity inflation,” the CoinDCX research team told Gadgets 360.

The overall crypto market is up three percent in the past 24 hours. From CoinMarketCap, the current valuation of the crypto market stands at $871.64 billion. In the aftermath of this incident, the valuation of the crypto market, which stood at around trillion dollars two months ago, plummeted to its current value.

The crypto market is in turmoil after crypto exchange FTX collapsed last month due to a liquidity crisis and mismanagement of funds.

FTX CEO Sam Bankman-Fried was arrested by US authorities on Dec. 13, after which the SEC charged him with defrauding investors out of billions of dollars.

While many crypto companies resorted to laying off their employees to keep their business afloat, many had their proof of reserves audited to regain investor confidence.

Cryptocurrency is an unregulated digital currency, not legal tender and subject to market risks. The information in the article is not intended to and does not constitute financial advice, trading advice or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV is not responsible for any loss resulting from an investment based on any observed recommendations, forecasts or other information contained in the article.

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