On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, fell more than 5% to $1,092. Meanwhile, dogecoin price today was trading nearly 2% higher at $0.06 whereas Shiba Inu gained marginally to $0.000010.
Other crypto prices' today performance also declined as XRP, Tether, Solana, BNB, Litecoin, Stellar, Chainlink, Tron, Apecoin, Polygon prices were trading with cuts over the last 24 hours, whereas Uniswap rose.
The US regulators have denied Grayscale Investments LLC’s bid to convert the world’s biggest crypto trust into an exchange-traded fund. The proposal to list the ETF did not meet the standard designed to prevent fraudulent and manipulative practices and protect investors and the public interest, the Securities and Exchange Commission (SEC) said in a filing.
In another news, a British Virgin Islands court ordered the liquidation of Three Arrows Capital, the crypto hedge fund that bet big on everything from Bitcoin to the ill-fated Luna tokens and then succumbed to a $2 trillion wipeout of the digital-asset markets.
The fund’s liquidity crunch is among a series of crises that rippled through the battered crypto sector during this year’s downturn, including the implosion of the TerraUSD stablecoin and liquidity issues at lenders Celsius Network and Babel Finance.
Three Arrows’s woes have hit firms such as crypto broker Voyager Digital Ltd., which this week said it issued a notice of default to Three Arrows after failing to get repayment on a loan worth roughly $675 million.
Cryptocurrencies have suffered this year amid Federal Reserve rate hikes and stubbornly high inflation. After crypto’s last two-year hibernation ended in 2020, the sector spiked to around $3 trillion in total assets last November, before plunging to less than $1 trillion. The collapse of the Terra/Luna ecosystem and the continued concern about hedge fund Three Arrows Capital Ltd. further rattled investors.
(With inputs from agencies)
