Cryptocurrency Update:The new cryptocurrency sector was threatened by the failure of the FTX platform, which caused its major participants to mobilise in an effort to salvage it.
On Tuesday, the CEO of Binance, the largest cryptocurrency exchange platform, made every effort to reassure investors.
In response to queries from Twitter users, Changpeng Zhao stated that “the projects that survive this difficult moment will be much stronger later on.”
Cryptocurrency Update: The market is shaky right now nevertheless
According to the data from Coingecko, a website that lists more than 13,000 cryptocurrencies through 600 exchanges, estimates that the total market value of cryptocurrencies is $870 billion (approximately Rs. 7,000 crore).
It was over $1 trillion (approximately Rs. 81,033,50) less than ten days ago, and it peaked at $3 trillion (about Rs. 2,43,10,050 ) a year ago. The majority of these values vanished when Bitcoin prices plummeted (-74 percent over a year), but also Ethereum (-73 percent), or Dogecoin (-67 percent).
The company must sell its cryptocurrency assets and stock holdings to pay its creditors.
To pay off its creditors, the corporation must sell off its cryptoassets and stock holdings, flooding the market.Cryptocurrencies have already recovered from a similar crisis that occurred in the early half of the year, when Terra’s price crashed and brought down bitcoin with it.
When Terra’s price fell and took down bitcoin with it in the first part of the year, the cryptocurrency market already bounced back.
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