Bitcoin, Ether Rally as Overall Crypto Market Rises by 3 Percent Amid Ongoing Crypto Winter

Most cryptocurrencies have managed to see profits this week, despite the prevailing volatility and the ongoing crypto winter spurred by the collapse of crypto exchange FTX last month. Bitcoin on Wednesday registered a profit of 3.70 percent to open trading at $17,783 (roughly Rs. 14.7 lakh). In the last 24 hours, the value of BTC grew by $663 (roughly Rs. 54,806) from yesterday's price of $17,150 (roughly Rs. 14 lakh). As per the data reflected by international exchanges, BTC reeled-in profits slightly under four percent and traded at a similar price point.

Ether grew in price by 3.53 percent alongside Bitcoin on Wednesday. ETH price, at the time of writing, stood at $1,318 (roughly Rs. 1.08 lakh), as per Gadgets 360's crypto price tracker.

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

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

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

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

“The likelihood that the FED could pivot and slow down the pace of rate hikes to 50 bps instead of 75 bps during the FOMC scheduled tomorrow increases greatly to around an 80 percent chance. What this data could also suggest is that there is now credence to the notion that Inflation has clearly peaked at 9.1 percent earlier this year in June considering disinflationary numbers twice in a row and supply chains unravelling with considerably easing goods inflation,” the CoinDCX research team told Gadgets 360.

The overall crypto market swelled by three percent in the last 24 hours. As per CoinMarketCap, the current valuation of the crypto market stands at $871.64 billion. In the aftermath of this incident, the crypto market valuation, that stood at around a trillion dollars two months ago, slipped drastically to its current value.

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

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

While many crypto firms resorted to laying off their employees to keep their businesses afloat, many companies got their proof-of-reserves audited to regain the trust of investors.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article. 

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