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Digital currencies continue to rise

The cryptocurrency market continued its bullish run on Sunday, despite lingering concerns about the outlook for monetary policy and the economy in the United States.

Bitcoin, the “largest cryptocurrency by market value,” rose during the day’s trading, by more than 0.21%, to reach $17.18 thousand, at 12:00 noon Abu Dhabi time

according to data from the “Coin Market Cap” website, which specializes in In monitoring currency performance. Digital. At the same trading hour today, Ethereum – the second largest cryptocurrency by market cap – was up about 0.98%, at $1.27. Cardano rose 0.3% to $0.3130, and Cardano rose 0.29% to 0.3130 cents.

The global cryptocurrency market cap rose to $857.23 billion from $859.5 billion, according to CoinMarketCap data.

It is noteworthy that the digital currency market incurred significant losses, affected by the decline that dominated the performance of global stock markets in the wake of the turmoil in China as a result of citizens’ protest against the tightening of restrictions related to controlling the Corona virus. .

The cryptocurrency market has also been affected by the application of the “Block V” platform for bankruptcy protection, with the collapse infection spreading to cryptocurrency companies.

Yesterday, BlockV announced bankruptcy in the US, as part of the fallout from the collapse of FTX earlier this month. In a statement, the cryptocurrency exchange said it had asked the court in New Jersey for bankruptcy protection in accordance with Chapter 11 of the US law.

The request indicated that Block V has more than 100,000 creditors, with liabilities and assets ranging from $1 billion to $10 billion. The platform stated in its bankruptcy filing that it had provided a loan owed to the FTX platform in the US in the amount of $275 million.

On the eleventh of last November, FTX filed for bankruptcy protection, after suffering a severe liquidity crisis, and clients rushed to withdraw their money after reports of a large gap between liabilities and assets.

see more : what-is-a-crypto-wallet

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