BTC, ETH Trade(cryptocurrencies) Lowly With Losses, Stablecoins Record Profits Close to November End
More cryptocurrencies saw losses than gains as the turbulent month of November 2022 drew to a close. Bitcoin opened with a loss of 2.37 percent on Monday, November 28. BTC is trading at $16,111 (roughly Rs. 13K) at the time of writing. This is the second week in a row that the oldest cryptocurrency has failed to break this price point. On international exchanges such as Binance and Coinbase, BTC faced small losses and traded at a similar price.
Ether followed Bitcoin on a losing streak. ETH is trading at $1,163 (roughly Rs. 95,150), according to cryptocurrency price tracker Gadgets 360, after recording a loss of four percent.
Binance Coin, Cardano, Polygon, Polkadot, and Litecoin also saw losses.
Interestingly, the competing meme coins Shiba Inu and Dogecoin found themselves on different sides of the crypto charts today.
While Shiba Inu posted a 2.22 percent loss to trade at $0.0000089 (roughly Rs.0.000730), dogecoin gained 5.56 percent to hover around the $0.095 (roughly Rs.7.78) price point.
US dollar-pegged stablecoins including Tether, USD Coin, and Binance USD joined DOGE in tracking gains.
SushiSwap, Braintrust, Dogefi, and Bitcoin Hedge also saw price increases.
“The rise in demand may help the bulls gain more strength to break the current level. The broader crypto market came under intense selling pressure last week as Genesis struggled with liquidity,” Edul Patel, CEO, and co-founder of Mudrex told Gadgets 360.
The global crypto market’s valuation has fallen by 2.47 percent in the last 24 hours and currently stands at $819.58 billion (roughly Rs. 67,02,464 crore), according to CoinMarketCap.
The month of November was full of ups and downs for the crypto market. Crypto exchange FTX collapsed due to a lack of liquidity and filed for bankruptcy earlier this month.
In the market moves that followed, over $200 billion (roughly Rs. 16,30,024 crore) was wiped off the market.
Amid the ongoing market slump, the list of crypto firms resorting to downsizing their workforce is getting longer.
Just last week, Lemon Cash, an Argentinian crypto exchange, laid off 38 percent of the crypto exchange’s workforce, employing about a hundred workers in an effort to keep its business afloat.
Also Read:
Related:- Fortnite Pulled by Epic Games From China Over Sweeping Crackdown on Tech Sector
Related:- Is quantum computing the future explained in 2020
Related:-What Is Blockchain Technology? How will Blockchain Work? 2020
Follow Startupcolleges on Facebook, Instagram, and Twitter, for the latest updates from the startup ecosystem. Subscribe to our YouTube Channel for more entrepreneurship, business, and corporate solution video.