Several other cryptocurrencies saw gains, including Ethereum, Bitcoin, DogeCoin, and Shiba Inu Coin.
The collapse of the cryptocurrency market, coupled with the bankruptcy of FTX, a major crypto exchange, has also had an impact on the market. This has led to a significant number of investors withdrawing from the cryptocurrency market.
Some special things
- Bitcoin prices saw a surge, rising by 1.25%
- Bitcoin increased by 1.25% percent in 1 day
- The price of Ethereum also increased by 1.58%
Ethereum, the second-largest cryptocurrency, saw the biggest gains. The coin started the day at around $1,230. The coin’s price has risen 1.58 percent in a single day. Ethereum’s trading volume in the past 24 hours was $4,385,654,076, giving it a live market cap of $154,602,247,880.
Bitcoin’s trading volume in the past 24 hours was $12,452,041,488, with a live market cap of $325,923,709,542.
Shiba Inu Coin has quickly gained popularity as a Dogecoin killer. Its price has seen a steady increase. It is the second most popular coin after Dogecoin. The coin gained 2.8 percent today, reaching a 24-hour market cap of $151,280,030. Its live market cap is $46,365,580,517.
FTX made investors bankrupt
Investors suffered significant losses in the cryptocurrency market last year due to the FTX fiasco. The bankruptcy of cryptocurrency platform FTX at the end of last year had a significant impact on the market. This resulted in the loss of significant investor funds, leading investors to distance themselves from captocurrencies. Client funds were used through a software change at FTX.
The exchange’s chief engineer modified the code to exempt Alameda Research, the firm of FTX founder Sam Bankman-Fried, from selling its assets despite incurring losses on the borrowed funds. This exemption allowed the firm to borrow funds from FTX regardless of the value of the collateral it was offering.
This change in the code was detected by the US Securities and Exchange Commission (SEC). The SEC said that this allowed Alameda Research to receive unlimited credit. The firm was secretly loaned billions of dollars over two years. The exchange’s problems began last month when questions were raised about its balance sheet.
FAQs
1. Why are cryptocurrencies rising again?
The crypto market is recovering after months of bearish trends, with Bitcoin and Ethereum showing strong trading volumes and investor optimism.
2. How much has Ethereum gained recently?
Ethereum rose by 1.58% in the last 24 hours, reaching a live market cap of $154 billion.
3. What caused the FTX collapse?
FTX collapsed due to the misuse of client funds and code modifications allowing Alameda Research to borrow without collateral limits.
Final Thoughts
The recent surge in Bitcoin, Ethereum, and Shiba Inu Coin marks a potential turnaround for the cryptocurrency market. Although the scars from the FTX collapse remain, investor confidence seems to be returning. The coming months will reveal whether this rebound can sustain momentum and lead to a broader market recovery.
