In cryptocurrencies, the price of Bitcoin increased today, while the most significant and well-known digital token traded practically flat with a positive tilt at USD 16,871. According to data from CoinGecko, today's market capitalization of all cryptocurrencies stayed below the USD 1 trillion threshold and was USD 847 billion, nearly unchanged over the previous 24 hours.
The second-largest cryptocurrency, Ether, which is connected to the ethereum blockchain, was virtually unchanged at USD 1,220. Shiba Inu was trading lower at USD 0.000008 while Dogecoin was trading over an at USD 0.07.
Over the weekend, the price of bitcoin stayed below USD 17,000. Bitcoin has seen opposition over the last few days from both sides, indicating a lack of agreement among market participants. Bitcoin may restart its prior upward trajectory if it can close over the USD 16,900 mark. Ethereum, on the other hand, has remained largely unchanged throughout the weekend and lacked the momentum for a substantial price change. There are presently no definite bullish or bearish signals, and it is moving in a small range. "The price may experience an upward trend if it rises above the USD 1,230 support level," said Edul Patel, CEO and Co-Founder of Mudrex.
Other cryptocurrencies' prices performed similarly today, including Binance USD, Avalanche, Tether, Terra, Solana, Polygon, Stellar, XRP, Cardano, Litecoin, Polkadot, Chainlink, ApeCoin, Tron, Solana, and Uniswap.
After hitting record highs in late 2018, cryptocurrencies have had a difficult year, buffeted by everything from the Fed's tightening of policies to the collapses of the Terra/Luna ecosystem, hedge funds Three Arrows Capital, and exchange FTX. As the Federal Reserve and other major central banks across the world hiked interest rates to combat unprecedented inflation, digital assets have suffered greatly this year.
The shutdown of FTX this month was the most stunning of several significant market participants this year, including Celsius and Voyager, as well as the important tokens terra and Luna, which have roiled investor confidence.
Wednesday's hearing regarding the extradition of the founder of FTX to the United States
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