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Second largest cryptocurrency in Ether bitcoin The decline was more than Its price has decreased by 3.68 percent. According to Gadgets 360’s crypto price tracker, Ether was priced at $1,642. In the last one day, the value of Ether has decreased by about $61. Other cryptocurrencies in decline included Avalanche, Binance Coin, Cardano, Polygon, Solana, Polkadot, Litecoin, Tron, Chainlink, and Monero. However, there was some upside in the prices of stablecoins such as Tether, USD Coin, and Binance USD.
In the last one day, the market capitalization of crypto decreased by 3.16 percent to about $ 1.09 trillion. Edul Patel, co-founder and CEO of crypto firm Mudrex, told Gadgets 360, “The reason for the decline in the crypto market could be the uncertainty surrounding SEC and Paxos, which has changed the sentiment.” US securities regulator SEC has filed a legal case against Paxos, the firm that owns the stablecoin Binance USD, alleging that Paxos issued BUSD coin as an unregistered security. However, Paxos claims that BUSD is not a security.
Joined major crypto exchanges at the end of last year FTX Bankruptcy had a big impact on the market. Due to this, a large number of investors had distanced themselves from cryptocurrencies. Clients’ funds were used by modifying FTX’s software. The exchange’s chief engineer changed the code to allow Alameda Research, the firm of FTX founder Sam Bankman Fried, to sell its assets even if it took a loss on the borrowed money. This exemption allowed the firm to borrow funds from FTX regardless of the value of the collateral. This change in code was caught by the Securities and Exchange Commission (SEC). The SEC had reported that Alameda Research was being given credit without any limit. The firm had received billions of dollars in loans over two years.
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