In cryptocurrencies, the world’s largest and most popular digital token Bitcoin’s price today was trading more than a percent lower at $17,040. The biggest token is down by three-quarters from its record high of $69,000. The global cryptocurrency market cap today remained below the $1 trillion mark, as it was down over a percent in the last 24 hours to $893 billion, as per the data by CoinGecko.
On the other hand, Ether, the coin linked to the Ethereum blockchain and the second-largest cryptocurrency, also fell by over 2% to $1,266. Meanwhile, dogecoin price today was trading more than 2% lower at $0.10 whereas Shiba Inu was up marginally by 0.5% at $0.000009.
Other crypto prices’ today performance also declined as Binance USD, Avalanche, Tether, Terra, Solana, Polygon, ApeCoin, Stellar, XRP, Cardano, Uniswap, Polkadot, and Chainlink prices were trading with cuts over the last 24 hours whereas Litecoin, Tron gained.
A report by Reuters suggested that a US agency that probes allegations of deceptive conduct confirmed on Monday that it had investigations open into several cryptocurrency firms for “possible misconduct.” The spectacular implosion of FTX recently sent fresh shock waves through the cryptocurrency industry, with the value of Bitcoin down sharply this year. FTX filed for bankruptcy in November after a week in which a possible merger with rival crypto exchange Binance failed.
When crypto exchange FTX was struggling to raise cash early last month, it seized billions of dollars worth of collateral from its trading arm, Alameda Research, and used it to try to convince investors of its financial health, former FTX Chief Executive Sam Bankman-Fried said as quoted by WSJ.
Speculators cleaving to the view that the crypto rout is mostly over are at risk of a rude awakening in 2023, according to Standard Chartered. A further Bitcoin plunge of about 70% to $5,000 next year is among the “surprise” scenarios that markets may be “under-pricing,” the bank’s Global Head of Research Eric Robertsen wrote in a note on Sunday.