On the other hand, Ether has got a slight edge. According to Gadgets 360 Crypto Price Tracker, Ether is currently trading at $4,652 (approximately Rs.
While only a few cryptocurrencies including USD Coin and Polygon showed slight gains. Other popular altcoins followed in the footsteps of Bitcoin. Tether, Cardano, Ripple, Polkadot, Dogecoin and Shiba Inu also remained in the red.
But what is certain is that none of the cryptocurrencies has shown significant gains or significant declines. All remained around their current level. Industry experts predict that there is a possibility of a sharp change in the trend of the market.
“Altcoins bore the brunt of the sell-off, with bitcoin also seeing an intraday drop of 25 percent. This is its highest single day stumping since May 2020. The coming week could bring another volatile phase for the market. If prices do not return to their previous levels in the next few weeks, we could be entering a cyclical beer market.” The CoinDCX team told Gadgets 360.
The volatility in the crypto market came after last week, when the US Securities and Exchange Commission (SEC) rejected WisdomTree’s proposal for a second spot bitcoin exchange-traded fund (ETF).
Eight Maine cryptocurrency firms, including Coinbase Global’s CFO Alesia Haas, and FTX Trading CEO Sam Bankman-Fried, are due to appear before the US House Financial Services Committee on December 8. The meeting will be the first of its kind where crypto players and US government officials will discuss ways to regulate this rapidly growing sector.
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