Despite the cryptocurrency lender BlockiFi declaring bankruptcy, cryptocurrency tokens were trading higher on Tuesday. However, top tokens have a cap on the gains.
Ethereum was still moving toward $1,200 while Bitcoin was holding the $16,000 level. Market players were observed waiting for more negative news before buying tokens at lower levels.
The price of every major cryptocurrency token increased. A 7% increase was made by Dogecoin. Solana gained 4% while Litecoin increased by approximately 5%.
The market capitalization of all cryptocurrencies was $825 billion, down nearly 1% over the previous day. The entire trading volume, though, soared nearly 2% to $44.21 billion.
Sandeep Nailwal, Co-Founder of Polygon, has contributed $100,000 in pre-seed capital to Buk Technology, an NFT-based hotel inventory distribution infrastructure and secondary marketplace. Money will be utilized to develop products and produce a Minimum Viable Product (MVP).
The hospitality industry’s Buk tokenization platform allows for the open exchange and selling of hotel room reservations. geared at digital nomads and bitcoin users, while addressing issues with hotel distribution and completely eliminating price parity.
Wrapped bitcoin, a commonly traded imitation of the biggest cryptocurrency, has been affected by the market contagion caused by the sudden bankruptcy of the cryptocurrency exchange FTX.
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Since the collapse of Sam Bankman-FTX Fried’s exchange and the subsequent spread to other companies, crypto funds had their largest week of outflows in three months.
JPMorgan disagreed with certain crypto-native experts who anticipated a shift toward decentralized platforms in the wake of FTX’s failure and predicted that centralized exchanges would continue to control the majority of global digital-asset trading volumes.