Crypto Market Under Pressure

Today's cryptocurrency market update shows Bitcoin (BTC) dropping to a monthly low, while most altcoins continue to lose value. However, FTX Token (FTT) has seen a significant spike. The overall market reflects a bearish trend.

Stablecoin Tether (USDT) might face removal from European exchanges due to new MiCA regulations, set to take effect by December 30, 2024. This uncertainty adds pressure to the market.

FTX Token (FTT) has surged by 7%, following FTX’s announcement to begin claim processing from January 3 next year. Globally, the cryptocurrency market capitalization fell by 1.5% over the past 24 hours to $3.29 trillion, while trading volume increased by 12% to $90 billion.

Prices of Selected Cryptocurrencies

Bitcoin Today

Bitcoin (BTC) dropped below the $94,000 mark and is currently trading at $93,400, a 1.3% decline in the past 24 hours. Its 24-hour low and high were $93,079 and $95,341, respectively. However, trading volume rose by 40% to $32 billion.

According to SoSo Value, BTC ETFs saw an inflow of $387 million last week, signaling renewed institutional interest. Elon Musk also hinted at the possibility of accepting Bitcoin for payments, keeping community interest high.

Ethereum Today

Ethereum (ETH) recorded a 1% gain and is now trading at $3,421. Its 24-hour low and high were $3,327 and $3,434. ETH ETFs attracted $349 million last week, ranking second behind BTC.

However, analysts warn that ETH could drop to $2,600 due to the massive inflow of 110,000 ETH to exchanges, indicating potential selling pressure.

XRP Today

XRP is trading at $2.12, reflecting a 3% drop in the last 24 hours. Its low and high for the day were $2.076 and $2.197.

Top Gainers of the Day

FTX Token

FTT showed a 10% increase, trading at $3.75. Its 24-hour low and high were $3.416 and $3.826, demonstrating strong upward momentum.

Ethena

Ethena (ENA) rose by 6% to $1. Trading volume increased by 45% to $352 million, indicating heightened market activity.

Biggest Losers of the Day

Bitget Token

BGB lost 20% of its value, trading at $6.01. Despite the drop, trading volume rose by 47% to $1.34 billion.

Pudgy Penguins

PENGU's price fell by 10% to $0.032, though it has seen a 500% rise over the past month.

Movement (MOVE), OKB, and Beam (BEAM) saw losses of 1% to 5%, reflecting a continued downturn in the market.

Hourly charts also show a downward trend, with Bitcoin and major altcoins experiencing minor declines over the last hour.


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