01 Aug , 2022 By : Kanchan Joshi
Cryptocurrencies prices today plunged with Bitcoin trading below the $24,000 mark. The world's largest and most popular cryptocurrency Bitcoin rose more than 2% to $23,437. The global crypto market cap today was above the $1 trillion mark, even as it was almost flat in the last 24 hours at $1.14 trillion, as per CoinGecko.
On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, dipped nearly a per cent to $1,694. Meanwhile, dogecoin price today was trading marginally higher at $0.07 whereas Shiba Inu also surged over 3% to $0.000012.
Ethereum’s move from the current system of using miners to a more energy-efficient system using staked coins is nearing. The switch to this so-called proof-of-stake system is expected to take place in September. The Merge is set to take Ethereum to a system called Proof of Stake, in which staked Ether tokens will order transactions, from its current system called Proof of Work, a mechanism which uses powerful computers to order transactions.
Other crypto prices' today performance were mixed as XRP, Solana, BNB, Litecoin, Stellar, Chainlink, Avalanche, Tether, Polygon, Uniswap prices were trading with cuts over the last 24 hours, whereas Polkadot, Apecoin, Tron gained.
Southeast Asia-focused cryptocurrency exchange Zipmex last week had filed for bankruptcy protection in Singapore, becoming the latest victim of the global downturn in digital currencies. Zipmex resumed withdrawals last month, after suspending them on July 20, and said it was working to address its exposure of $53 million to crypto lenders Babel Finance and Celsius.
Zipmex, which operates in Singapore, Thailand, Indonesia and Australia according to its website, is the latest in a string of crypto players globally to run into difficulties following a sharp sell off in markets that started in May with the collapse of two paired tokens, Luna and TerraUSD.
Several crypto companies have filed for bankruptcy or have been forced to look for emergency capital infusions. Rising interest rates and high-profile meltdowns like that of crypto hedge fund Three Arrows Capital have pummeled digital tokens this year. Cryptocurrencies, such as bitcoin, surged in price in 2020 and 2021, but have fallen sharply this year.
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