Bitcoin regains $16k; Litecoin, Solana & Dogecoin gain up to 24%

New Delhi: Crypto markets were trading in the green on Wednesday after remaining under pressure for some time due to the FTX collapse.

Bitcoin jumped 4% to rest above the key psychological level of $16,000, but Ethereum was below the $1,200 mark despite a 5% jump.

Barring the Tron, all other top crypto tokens were trading higher. Litecoin was a standout performer with a 24% rally. Solana gained 11% and Dogecoin 8% whereas Polygon tumbled 7%.

The global cryptocurrency market cap was trading higher around $820 billion, rising as much as 4% in the last 24 hours. However, the total trading volume dropped almost 6% to $62.21 billion.

Expert take
Sathvik Vishwanath, Co-Founder and CEO, Unocoin, said that the Reserve Bank of India (RBI) is in the final stages of rolling out its Central Bank of Retailers (CBDC) digital currency.

It will be able to work with current payment systems, he said. “RBI plans to launch the pilot project within a month. Participating banks will test its CBDC between 10,000 and 50,000 users,” he added.

Global Updates
FTX has a total cash balance of $1.24 billion, a court filing by advisers on the stricken crypto exchange’s restructuring showed ahead of US bankruptcy hearings set on Tuesday.

Despite claims by the companies to the contrary, blockchain data shows crypto exchange FTX and sister company Alameda Research were very much connected from the beginning, said a report from analytics firm Nansen.

CRV, the governanc

token of decentralized exchange Curve, has turned volatile amid a surge in the number of coins held at centralized trading platforms.

Sales for the Saudi Arabia-themed non-fungible token (NFT) collection called “The Saudis” increased 387% following the country’s surprise 2-1 win against Argentina, which is considered one of the best soccer teams in the world.

Tech view by BuyUcoin cryptocurrency exchange

World Cup Inu (WCI) surged on FIFA fever. WCI has been witnessing a mega rally mainly due to the growing fan engagement around the FIFA world cup. WCI is one of the first on ETH to support the world cup and fans can experience the thrill of real-time betting on the world cup with their friends, family, and other users of the platform.

Tokens like WCI have seasonal price movements mainly linked to global sporting events and should be explored for boosting the level of engagement with your favourite game, the expert suggested.

(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Economic Times)