Bitcoin rises, prices of other cryptocurrencies also increase

Bitcoin, the largest cryptocurrency in terms of market capitalization, was up 2.18 percent on Wednesday. The price of bitcoin was around $22,100. Its value has increased by about $ 395 in the last one day. The price of bitcoin itself often affects the prices of other altcoins.

The second largest cryptocurrency Ether also gained around 3.55 percent. Gadgets 360 crypto price tracker As of now, it was priced at $1,548. The prices of Tether, USD Coin, Ripple and Binance USD have also increased. Apart from this, there was a boom in Polygon, Polkadot, Solana and Litecoin. In the last one day, the market capitalization of crypto increased by about 2.44 percent to $ 1.03 trillion.

CoinDCX’s research team told Gadgets 360, “Important data from the Consumer Price Index in the US will provide some clues about the macro economic situation. This may also have an impact on the crypto market. Wall Street economists estimate that last month Inflation may decrease. If this happens, annual inflation declines, then it can be said that the increase in interest rates in the US has helped in reducing the fear of economic slowdown. This will increase the liquidity in the markets and crypto will increase. Market capitalization could also strengthen.”

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.