The global crypto market valuation today was USD 820 billion, down over 2 percent in the previous 24 hours, keeping it below the USD 1 trillion level as cryptocurrency prices remained under pressure due to worries over the FTX crisis's growing effects.
The price of Bitcoin, the world's biggest and most well-known digital asset, was trading about 1 percent today at USD 15,844, falling under the USD 16,000 threshold. The second-largest cryptocurrency, Ether, which is connected to the Ethereum network, also fell by around 1 percent to USD 1,106.
"Bitcoin dropped below USD 16,000 in the past 24 hours as the broader cryptocurrency market comes under intense selling pressure. If the price of BTC closes below the USD 16,000 level today, we could see a retest of the crucial support at USD 15,588 and then towards USD 12,200. On the other hand, Ethereum continues to slide towards its support at the USD 1,000 level, which is a crucial level for bulls to hold. Avalanche, Tether, Terra, Stellar, Polkadot, Solana, and Uniswap prices were trading with decreases over the last 24 hours, while ApeCoin, Tron, Polygon, XRP, Cardano, Chainlink, and Litecoin gained value. Other cryptocurrency currencies' performance today was uneven.
In light of the potential for bankruptcy caused by the rapid collapse of Sam Bankman-FTX Fried's empire, the cryptocurrency brokerage Genesis issued a warning. The value of cryptocurrency assets has fallen precipitously this year, and FTX is the latest cryptocurrency company to experience financial hardship. Reduced liquidity in the cryptocurrency markets is a result of Bankman-businesses, Fried's notably trading desk Alameda Research, going out of business.
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