Bitcoin dropped further and breached the $16,000 mark, whereas Ethereum plunged 8% to just $1,100 levels. Volatility is likely to continue in the market as investor confidence is ebbing.
All of the top crypto tokens were with big cuts. Dogecoin plunged 12%, whereas XRP was 11% down. Polygon tumbled 10% and Solana fell 9%, slipping to the 15th spot.
The global cryptocurrency market cap was trading sharply lower around $795 billion, tanking about 5% in the last 24 hours. However, the total trading volume jumped almost 68% to $55.80 billion.
Unchained Capital reduced its workforce by about 15% and moved its head of business development Parker Lewis to the board of directors as well as chief product officer Will Cole to a senior advisory role.
Following the collapse of FTX and Alameda Research, crypto trading platforms are rushing to show that clients’ assets are safe and not being used for speculation.
‘Proof of reserves, at least in the form they’ve been suggested, have too many shortcomings to inspire confidence,’ Bank of America (BAC) said in a research report Thursday.
Hong Kong-based crypto services firm Genesis Block said it would cease over-the-counter trading services in wake of contagion risks from the now-bankrupt FTX exchange, according to Reuters.
Ripple, a US-based crypto payments platform, is looking to obtain regulatory approval in the Republic of Ireland so it can access the European market, CNBC reported.