Bitcoin Registers Big Increase Price Rises Mote Than USD 2000 in A Day

Bitcoin, the largest cryptocurrency in terms of market capitalization, had a strong gain of 9.37 percent on Tuesday. After the ongoing decline and shocks to the crypto market for the past few days, the price of bitcoin rose to $24,346. Its value has increased by more than $ 2,000 in the last one day.

Ether also had a gain of 5.63 percent. Gadgets 360 crypto price tracker As of now, it was priced at $1,673. Its price has increased by $ 84 in the last one day. bitcoin And with the boom in Ether, the prices of most cryptocurrencies have increased. These include Avalanche, Cardano, Polygon, Solana, Polkadot, Tron and Litecoin. Apart from this, stablecoins like Tether, USD Coin, Ripple and Binance USD also gained momentum. In the last one day, the market capitalization of crypto increased by about 5.50 percent to reach $ 1.08 trillion.

Rajagopal Menon, Vice President, crypto exchange WazirX, said, “This is a temporary respite in the market after the massive sell-off in the crypto segment over the past few days. The exchange net position of bitcoin is indicating a cap on the sell-off. ” Parth Chaturvedi, crypto ecosystem lead at CoinSwitch, told Gadgets 360, “The bankruptcy of three banks involved in the crypto segment, Silvergate, SVB and Signature, could be a liquidity problem in the short-term as these banks hold crypto assets in US dollars. Crypto industry may see new banking partners. Many firms in this segment are moving to Mercury and BCB Group to cater to the needs of crypto startups. May move to more friendly destinations like Switzerland, Dubai, UK and Hong Kong.”

The bankruptcy of one of the major crypto exchanges, FTX, at the end of last year had a major impact on the market. Due to this, a large number of investors had distanced themselves from cryptocurrencies. Clients’ funds were used by modifying FTX’s software. The exchange’s chief engineer changed the code to exempt Alameda Research, the firm of FTX founder Sam Bankman Fried, from selling its assets even at a loss on borrowed money.