The price of Bitcoin, the biggest and most well-known digital token in the world, was trading nearly 2 percent lower today at USD 16,588. According to CoinGecko, the global market capitalization of cryptocurrencies today stayed below the USD 1 trillion threshold after falling by about 1 percent in the previous day to USD 870 billion.

The second-largest cryptocurrency, Ether, which is connected to the Ethereum network, also fell more than 4 percent to USD 1,208.

"After Genesis stopped allowing withdrawals, most cryptocurrencies decreased. Currently, the price of bitcoin is below USD 16,700. BTC increased on Tuesday in response to the most recent inflation data, but it was unable to maintain the gains. BTC's continued decline below the USD 17,622 mark may make a break below the USD 15,588 region more likely. 

Ethereum, on the other hand, has decreased by 3 percent during the last day. It implies the power of the market's vendors. ETH may plummet to the USD 1,100 mark if the selling pressure increases. Buyers must raise the price above USD 1,300 in order to prevail "said Edul Patel, co-founder and CEO of Mudrex.

Shiba Inu's price was down 1 percent to USD 0.000009, while Dogecoin's price was down about 2 percent at USD 0.08, and other cryptocurrencies like Binance USD, Avalanche, Solana, Tether, XRP, Terra, Tron, Litecoin, ApeCoin, Polygon, Cardano, Stellar, Chainlink, Uniswap, and Polkadot were all experiencing lower prices today.

Genesis, a cryptocurrency brokerage, has decided to halt redemptions and new loan originations at its lending division due to "abnormal withdrawal requests." "in the days following FTX's demise. According to Bloomberg, the loan arm's withdrawal requests surpassed available liquidity at Genesis Global Capital.

The announcement that FTX had sought bankruptcy protection on Friday stunned the cryptocurrency community, which has experienced a great deal of volatility this year, including a significant drop in the price of bitcoin and other digital assets. As a result of FTX's abrupt bankruptcy, the cryptocurrency market is being shaken, and anxious users are scrambling to remove their funds from other platforms.

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