Thursday, September 28

Cryptocurrency prices continued to fall over the weekend with the world’s largest and most popular digital token Bitcoin’s price today was trading nearly 5% lower at $16,103. The global crypto market cap today remained below the $1 trillion mark, as it was almost down over 5% in the last 24 hours to $845 billion, as per CoinGecko.

On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, also plunged by more than 6% to $1,191.

“As markets reacted to the latest news surrounding FTX being hacked, most cryptocurrencies continued to fall over the weekend. After a week of turbulence, Bitcoin and Ethereum are still trading in red, maintaining this sentiment due to sustained selling. BTC is back to the $16,000 level. If bulls can keep BTC above the current level, we might see a trend toward $17,000. Else, there are chances that BTC could reach the $15,500 level soon. The second largest cryptocurrency, Ethereum, has dipped about 6% in the past 24 hours. ETH has also breached its monthly support of $1245, which shows the seller’s strength in the market. ETH’s support now lies at $1100 and $1000, while the resistance level is at $1254,” said Edul Patel, CEO and co-founder of Mudrex.

Meanwhile, dogecoin price today was trading about 10% lower at $0.08 whereas Shiba Inu was also down over 10% to $0.000008. Other crypto prices’ today performance also declined as Binance USD, Avalanche, Solana, Tether, XRP, Terra, Tron, Litecoin, ApeCoin, Polygon, Cardano, Stellar, Chainlink, Uniswap, Polkadot prices were trading with cuts over the last 24 hours.

The crypto market has lost about $200 billion in value in the past week itself, as the collapse of FTX CEO Sam Bankman-Fried’s crypto empire took its toll on investor confidence in digital assets.

FTX is the latest cryptocurrency company this year to come under financial pressure as crypto assets have collapsed in value. Other failures include Celsius, a bank-like company that took in crypto deposits in exchange for yield, as well as an Asia-based hedge fund known as Three Arrows Capital.

The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.

(With inputs from agencies)

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