Cryptocurrency prices today slipped with the world's largest and most popular digital token Bitcoin trading more than a per cent lower at $16,830. The biggest token is down by three-quarters from its record high of $69,000.
On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, also fell by over 2% to $1,228. Meanwhile, dogecoin price today was trading more than 4% lower at $0.09 whereas Shiba Inu was down by over 2% at $0.000009.
Other crypto prices' today performance also declined as Binance USD, Avalanche, Tether, Terra, Solana, Polygon, ApeCoin, Stellar, XRP, Cardano, Uniswap, Polkadot, Chainlink, Litecoin, Tron prices were trading with cuts over the last 24 hours.
"Most cryptocurrencies declined on Wednesday with increasing selling pressure as whales are reducing their inflow volumes. Bitcoin is floating around the $16,800 level, breaking below its support, down by 1% over the past day. The next immediate support would be at the $16,787 level. If BTC hits that support, bears will likely take advantage of it and try pushing BTC toward the $16,000 level. However, if bulls can take BTC above the $17,000 level, we might see an upward trend. On the other hand, Ethereum fell to $1,200, suggesting that the bears have overpowered the bulls. ETH's next support lies at $1,151 and resistance at $1,331," said Edul Patel, CEO and Co-founder, Mudrex.
The global cryptocurrency market cap today remained below the $1 trillion mark, as it was down 2% in the last 24 hours to $875 billion, as per the data by CoinGecko.
Binance.US, the US partner of the world's largest digital-asset exchange, is cutting trading fees as it battles for customer cash following the collapse of FTX. The exchange will now offer zero-fee trading on four of the most commonly-traded Ethereum market pairs, following a similar move with Bitcoin in June. It also announced a 25% fee markdown across all trading pairs when platform token Binance Coin is used to pay for the charges, as well as volume-based discounts.
The spectacular implosion of FTX recently sent fresh shock waves through the cryptocurrency industry, with the value of bitcoin down sharply this year. FTX filed for bankruptcy in November after a week in which a possible merger with rival crypto exchange Binance failed.
(With inputs from agencies)
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