Uniswap, Polygon, and Polkadot gain up to 6% while Bitcoin fall to close to $16000

Cryptocurrency Update: Customer withdrawals have been halted by Genesis Global Trading’s lending division. After the repercussions from FTX, this turned out to be the latest attack on the cryptocurrency markets, adding gasoline to the flames.

While bitcoin was once again stumbling around the $16,000 mark, altcoins took a bigger hit.

Cryptocurrency Update: Major Cryptocurrencies

The majority of the top cryptocurrencies traded lower on Thursday. Uniswap fell 6%, while Polygone and Polkadot both fell 5%. Each Cardano and Ethereum had a 4% decline.

The market capitalization of all cryptocurrencies was down approximately $831.90 billion and up almost 0.5 percent over the previous day. The overall trade volume, however, decreased by more than 3% to $60.09 billion.

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Expert take

After the recent week’s events, the total market capitalization of cryptocurrencies slowly began to stabilise.

After the FTX meltdown, significant coins like Ethereum and Bitcoin held their respective support levels of $1,200 and $16,000, according to Prashant Kumar, founder and CEO of weTrade.

“The catastrophe may have retreated the cryptocurrency industry, but it has also highlighted the urgent necessity for market rules. The interests of consumers are greatly protected by a robust set of regulations” he added.

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