The digital currency market witnessed a rise during Thursday’s trading, amid the return of rapid speculative purchases of those assets, taking advantage of the emergence of reports that the Chinese businessman, Justin Sun, may have purchased assets from the collapsed FTX exchange after announcing its bankruptcy recently.
Cryptocurrency rates today
- Bitcoin, “the largest cryptocurrency by market value”, rose during today’s trading, by more than 2.8%, to 16.76 thousand dollars, at exactly 07:30 am Dubai time, according to data from the “Coin Market Cap” website, which specializes in monitoring the performance of Digital currencies.
- The Ripple currency rose 3.5% at 38.30 cents, and at the same hour, the Ethereum currency – the second largest digital currency by market value – rose 5.5% to $ 1.19.
- The Binance Coin rose 14.14% to 302.8 cents, the Cardano coin increased 2.8%, amounting to $ 0.3195, and the Blockadot coin increased by 3.6%.
- Dogecoin also rose by 5.35%, amounting to $0.082401.
- The global market value of cryptocurrencies rose from $819.80 billion to $830.4 billion, according to CoinMarketCap data.
- The cryptocurrency market has lost more than $1.4 trillion in value this year, due to the liquidity crisis that erupted after the fall of the FTX platform, which was one of the largest digital exchanges in the world.
- The rise of that market today, as it continues to recover, was boosted by reports that the Chinese businessman, Justin Sun, may have purchased assets from the collapsed FTX due to its recent bankruptcy, as he told reporters yesterday that he and his companions were “open to any kind of deal and all options are on the table.” According to Forbes magazine.
- In terms of other companies in the same field, “Coin Cloud” – which operates ATMs that sell cryptocurrencies – is seeking additional capital from “Genesis” – a brokerage company for digital assets – but it is not clear whether the discussions are continuing or not. Because the company you’re supposed to rescue is also struggling to raise money.
- Genesis has spent the past several days seeking at least $1 billion in fresh capital for its lending unit, has warned potential investors that it may need to file for bankruptcy if its efforts fail, and the company halted redemptions shortly after disclosing the $175 million. Dollars stuck in an FTX trading account.
- The FTX crisis began after Binance CEO Changpeng Zhao recently announced that his exchange would sell its own FTX cryptocurrency exchange, FTT, and the move caused the collapse of FTX. X, which was previously valued at $32 billion, and filed for bankruptcy.
- In addition, the hackers stole about $477 million worth of cryptocurrency from FTX, the bulk of which was converted into ether, and laundered that money into bitcoin, which led to a drop in the price of ether as well.