Recovery in Bitcoin and Ether, the market capitalization of cryptocurrencies also increased

Bitcoin, the largest cryptocurrency by market value, rose less than one percent on Tuesday. The bitcoin price was at $22,864. Its value has increased by four dollars in the last day. Apart from this, the prices of many other cryptocurrencies also increased marginally.

The price of the second-largest cryptocurrency, Ether, rose 0.63 percent to $1,632. Other than this, there was a slight increase in the prices of Tether, Binance Coin, USD Coin, Binance USD, Polygon, Avalanche, Litecoin, Wrapped Bitcoin, and Monero. Over the past day, the cryptocurrency market capitalization rose 0.09% to $1.06 trillion.

Edul Patel, CEO of cryptocurrency firm Mudrex, told Gadgets 360: “Bitcoin is trading in a lower range. It has lost more than 2.70 percent in the past week. It has support at $22,800 and resistance at $23,150. Ethereum price also declined, but remained above $1,600. Low volume in the market is a bearish sign.” Nearly three-quarters of the people who bought bitcoins in the last seven years have suffered losses. This information comes from a study by economists at the Bank for International Settlements of data on cryptocurrency investors from some 95 countries over the past seven years.

The bankruptcy of one of the major cryptocurrency exchanges, FTX, late last year had a huge impact on the market. Because of this, a large number of investors had distanced themselves from cryptocurrencies. Customer funds were used by modifying FTX’s software. The exchange’s chief engineer changed the code to allow Alameda Research, the firm of FTX founder Sam Bankman Fried, to sell its assets even if it had a loss on the money it borrowed. This exemption allowed the company to borrow funds from FTX regardless of the value of the collateral. This code change was detected by the US Securities and Exchange Commission (SEC). The SEC reported that Alameda Research was receiving unlimited credit. The company had secretly received billions of dollars in loans over two years.

Cryptocurrency prices on Indian exchanges

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