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In terms of cryptocurrencies, the price of bitcoin fell today, with the biggest and most well-known digital token trading flat with a negative slant at $16,819. According to data from CoinGecko, the total market value of cryptocurrencies today was $850 billion, down from $1 trillion in the previous day.
The second-largest cryptocurrency, Ether, which is connected to the Ethereum network, also slightly declined to $1,249 in contrast. Shiba Inu’s price today was steady at $0.000008, while Dogecoin’s price was nearly 2% lower at $0.07.
The performance of other cryptocurrency values today also decreased as Cardano experienced gains over the past 24 hours while Tether, Stellar, XRP, Polkadot, Uniswap, Chainlink, XRP, Solana, Avalance, Polygon, Litecoin, Apecoin, Tron, and Solana prices saw decreases.
According to Reuters, the troubles in the cryptocurrency business persisted on Thursday as falling deposits, job losses, and a lawsuit added to the turmoil of 2022, which was characterised by falling prices and high-profile bankruptcy.
This week, the sector was greatly impacted by the repercussions from the failure of the cryptocurrency exchange FTX and the criminal accusations brought against its creator Sam Bankman-Fried. Those affected were Silvergate Bank, which focuses on cryptocurrencies, and Genesis Global Capital, which cut staff and reported a significant decline in deposits.
On Tuesday, Bankman-Fried entered a not guilty plea to eight criminal charges, including conspiracy to commit wire fraud and money laundering. The 30-year-old is charged with stealing deposits from FTX customers to fund his Alameda Research hedge fund.
According to a various Reuters report, New York’s attorney general filed a lawsuit against Celsius Network founder Alex Mashinsky on Thursday. The lawsuit alleged that Mashinsky defrauded investors out of billions of dollars in digital currency by failing to disclose the deteriorating condition of his now-bankrupt cryptocurrency lending platform.