Bitcoin seems to be making an effort to recover from a rough start to the week as crypto investors anticipate more enterprises to go up in flames in the perilous wake of FTX's bankruptcy. Currently, Bitcoin is getting closer to the psychologically significant $17,000 (approximately Rs. 13.8 lakh) level than it was earlier in the week, albeit it hasn't exactly started a bull run. BTC has increased in value by about 2% over the past day, with its price currently hovering at $16,900 (roughly Rs. 13.71 lakh) on international exchanges. On Indian exchanges like CoinDCX, BTC is priced at $18,046 (roughly Rs. 14.65 lakh), up 0.76 percent from its early Thursday valuation.
Bitcoin is currently valued at $16,914 on major international exchanges like CoinMarketCap, Coinbase, and Binance (or around Rs. 13.73 lakh), down 4.4 percent from last Friday, according to CoinGecko data.
Ether, the biggest smart contract token, also had a slight increase in value, but it is still trapped in a rut, making a bullish surge over the coming days look quite improbable. Around 1.02 percent has been added to the price of ether in the last 24 hours on international markets. ETH is currently valued at $1,320 (approximately Rs. 1.07 lakh) on Indian platforms, where prices have unexpectedly fallen by 0.14 percent in the last day.
With the global cryptocurrency market capitalization figures indicating a 1.01 percent increase over the last day, Gadgets 360's cryptocurrency price tracker showed that most major altcoins also saw a rise in value.
Over the previous 24 hours, Cardano, Uniswap, and Solana all experienced slight losses, but Polygon, BNB, Cosmos, Chainlink, and Polkadot, TRON, Avalanche, and Monero all remain in the black.
Shiba Inu and Dogecoin both made it onto the green scale. Shiba Inu is currently worth $0.0000092 (about Rs. 0.000749), up 0.45 percent over the past day, while Dogecoin is currently valued at $0.08 (around Rs. 7.13), up more than 0.6 percent in value over the last 24 hours.
"The collapse of FTX, one of the most well-known cryptocurrency brands, last week had a significant influence on the entire sector and on investor confidence. Legacy investors like Sequoia, Temasek, and even pension funds lost money as FTX and Alameda filed for bankruptcy, and an estimated 1 million creditors face a protracted legal struggle. The threat of a pandemic only just became apparent after Genesis, the largest lending desk in cryptocurrency, stopped accepting credit cards and initiating new loans. With Gemini terminating its "Earn" program, which was powered by Genesis in the background, more revelations may occur "For Gadgets 360, Parth Chaturvedi, Crypto Ecosystem Lead, CoinSwitch, concluded the week.
"Investigations against SBF and his associates have been launched by a number of regulatory organizations from various countries, with the hope that this incident will speed up international collaboration to create a more robust regulatory framework for crypto assets and associated entities. Institutional capital is anticipated to remain on the sidelines till these guardrails are established "Chaturvedi was added.
He continues by saying that the upside to this collapse was an improvement in the global macro backdrop last week, as evidenced by the unexpectedly lower-than-expected monthly US inflation numbers of 7.7 percent and a subsequent rally in 'risk-on' assets that persisted throughout the week.
"After the dramatic 20% fall the week before, larger cryptocurrency markets have traded in a constrained range, reaching a market capitalization far below $900 billion (roughly Rs. 73,06,315 crore). ETH is currently trading at over $1,200, while BTC is still struggling around $16,900 (roughly Rs. 13.71 lakh) (roughly Rs. 97,417). The two biggest losers have been Alameda-backed SOL, which now has a market capitalization of under $5 billion (roughly Rs. 40,590 crore), and FTX's exchange token FTT, which has fallen another 75 percent and is trading below $2 or Rs. 162 "Commenting, Chaturvedi.
"India's CRE8, a Virtual Digital Asset (crypto) index priced in Indian Rupees and reflecting global sentiments, fell 9.29% over the previous week. At eight in the morning on November 18, the Index value was Rs. 2,411. By market capitalization, BTC and ETH remain the top two assets."
