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Altcoins Trade Lower; Bitcoin Falls Below $26,000; Ethereum Surpasses $1,600
On Tuesday morning, the most popular cryptocurrencies were trading lower. Ethereum remained below $1,600, while Bitcoin remained below $26,000. Total crypto market capitalization was trading marginally lower at $1.03 trillion.
Bitcoin and other crypto assets struggled on Tuesday morning as traders were alarmed by the possibility of selling pressure from FTX's bankruptcy. The decline occurred as market participants pondered the possibility of FTX obtaining bankruptcy court sanction to sell assets from its $3.4 billion in cryptocurrency holdings.
The IMF and FSB cautioned jurisdictions against implementing blanket prohibitions to mitigate risks associated with the cryptocurrency sector, instead recommending targeted restrictions and sound monetary policy. Targeted restrictions may be particularly useful for emerging economies, the report suggests.
Bitcoin struggled to maintain its gains as the largest cryptocurrency token inched up slightly but remained below $26,000. Its largest competitor, Ethereum, fell approximately 2% to slide below $1,600. In the morning, altcoins continued to experience negative price movement.
In the previous twenty-four hours, Bitcoin lost critical support at $25,000 for the first time in nearly three months. Ethereum, too, has fallen below its support level of $1,600 and is currently trading around $1,550. said Senior Manager at CoinSwitch Markets Desk Shubham Hudda
"While the expectation of FTX unlocking on Wednesday remains a significant catalyst for Soalana's sell-off, the stock is already down roughly 50 percent from its July high. Investors are expected to closely monitor the US CPI Data scheduled for release tomorrow, as well as the US Producer Price Index (PPI) data and US retail sales data the following day," he said.
On Tuesday, all prominent crypto instruments were trading lower, with a few exceptions. XRP fell more than three percent, while Polkadot fell more than two percent. Polygon, Litecoin, Shiba Inu, and BNB were also notable underachievers. Among the gainers, Dogecoin increased by roughly one percent.
In the preceding twenty-four hours, the market capitalization of all cryptocurrencies fell sharply, reaching $1.03 trillion, a decline of nearly one percent. To the tune of $35.17 billion, total trading volumes increased by as much as 65 percent.
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