Cryptocurrency Prices Today: Bitcoin Flat; dogecoin, Cardano, XRP rise

In cryptocurrencies, the price of Bitcoin fell today with the world’s largest and most popular digital token trade almost flat with a negative bias of $16,810. The largest token is down three-quarters from its all-time high of $69,000. The global cryptocurrency market capitalization remained below the $1 trillion mark today, as it was nearly flat over the past 24 hours at $845 billion, according to CoinGecko data.

“Bitcoin was flat after the release of US Q3 GDP data, which showed an upward revision to 3.2% from previously reported 2.9%. Since November, the price of Bitcoin has been fluctuating within the range of $16,500 to $17,000. For the market to experience an uptrend, it is vital that BTC maintains its crucial level above $16,800. However, if the price falls below $16,500, it is possible that bearish sentiment will return to the market,” he said. Edul Patel, CEO and Co-Founder of Mudrex, a global cryptocurrency investment platform.

On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, was almost unchanged at $1,220. Meanwhile, the price of dogecoin was trading 5% higher today at $0.07, while Shiba Inu was up as high as $0.000008.

Today’s performance of other cryptocurrency prices also improved as Binance USD, Avalanche, Tether, Terra, Solana, Polygon, Stellar, XRP, Cardano, Litecoin, Polkadot, Chainlink, ApeCoin, Tron prices all traded at a profit on the last 24 hours, while Solana, Uniswap slipped.

Cryptocurrencies have had a rough 2022 after hitting all-time highs late last year, battered by everything from Federal Reserve policy tightening to implosions of the Terra/Luna ecosystem, Three Arrows Capital hedge funds, and the FTX exchange.

FTX’s collapse last month was the most shocking in a series of shutdowns by key market players this year, including Celsius and Voyager, major tokens terraUSD and Luna, which rocked investment sentiment and wiped out $1.5 trillion in cryptocurrency market capitalization.

Sam Bankman-Fried was released Thursday on a $250 million bail package while he awaits trial in the collapse of cryptocurrency exchange FTX, which a US prosecutor called a “fraud of epic proportions.” Federal prosecutors in Manhattan accused the FTX founder of stealing billions of dollars in client funds to cover losses at his hedge fund, Alameda Research.

(With contributions from agencies)

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