Bitcoin moves Closer to USD 25000 Other Altcoins Register Profits

Bitcoin, the largest cryptocurrency by market value, was up 1.03 percent on Thursday. It was trading at $24,445. For the past few weeks, bitcoin has been approaching $25,000 but it has not been able to break this resistance. The value of bitcoin has increased by $385 in the last one day.

The price of the second largest cryptocurrency Ether increased by 1.47 percent. Gadgets 360 crypto price tracker As of, the price of Ether was at $1,669. Apart from this, Binance Coin, Cardano, Polygon and Solana to Polkadot, Litecoin and Tron were also fast. In the last one day, the market capitalization of crypto increased by 1.57 percent to about $ 1.57 trillion.

Tarusha Mittal, Co-Founder and COO of Dapps and UniFarm, told Gadgets 360, “The fear of the US defaulting on not increasing the debt limit has increased buying in bitcoin and due to this its price is increasing. Clarity in US regulations regarding digital assets will be critical to the development of the industry.” The US Federal Open Market Committee (FOMC) in its recent meeting has hinted at raising interest rates again to curb inflation. Due to this, stablecoins such as Tether, USD Coin and Binance USD linked to the US dollar have declined.

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 US Securities and Exchange Commission (SEC). The SEC reported that Alameda Research was being given credit without any limit. The firm had received billions of dollars in loans over two years.