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12 Hrs Crypto Update 12, Nov:Crypto Market Remain Stable As US Market

  • The broader crypto market remain highly stable after major news announcement.

  • The US equity market also surge, again breaking the corelation with the crypto market.

  • The prices of Bitcoin, Ethereum, Solana and cardano remain stable and little volatile.

12 Nov 2022 By: Shikha Jha
12 Hrs Crypto Update

In yesterday’s trading session, the US equity market gain 

some positive momentum. 

However, the broader crypto market remain stable. As a result, the price of Bitcoin, Ethereum, Solana and Dogecoin remain a little volatile.

At the time of writing, the global cryptocurrency market cap drop 1% in the last 24 hours to $0.884 trillion. As per CoinGabbar data, the total crypto market volume over the last 24 hours was $88.92 billion.

The crypto market leader, Bitcoin price is currently trading at $16,839. This follows a 0.9% decrease in the last 12 hours. As a result, its market capitalization stands at $323.76 billion. 

As per CoinGabbar statistics, ETH, the second largest cryptocurrency by market cap, is currently trading at $1,259, which decreased 2% in the last 12 hours. 

Cryptocurrencies Price Action

The price of Cardano (ADA) has decreased by 2.53% in the last 12 hours. ADA is currently ranked 9th in CoinGabbar's top cryptocurrency ranking in terms of market cap. At the time of writing, the price of ADA was trading at $0.34. 

However, the price of Dogecoin (DOGE) increased by 10% in the last 12 hours. DOGE is currently ranked 8th in CoinGabbar's top cryptocurrency ranking in terms of market cap. At the time of writing, the price of DOGE was trading at $0.0919.

Polygon Matic (MATIC) continues to fade its traction among cryptocurrency traders and influencers. It decreased by 10.39% in the last 12 hours and is currently trading at $0.955.

What Turns Crypto Market Volatile?

Yesterday (Nov 11), the troubled crypto exchange FTX filed for bankruptcy. As a result, the crypto market witness a brief drop. However, after some time the market surged and became stable till now. Also, the US equity market showed some positive momentum in yesterday’s trading session. The US equity market again breaking the correlation with the crypto market. 

Major Events Around the World

  • The Kanto Local Finance Bureau of Japan's Financial Services Agency (FSA) announced that it had taken action against FTX Japan, the Japanese subsidiary of Sam Bankman-Fried's struggling crypto exchange

  • According to a report by a local media outlet citing three EU officials, the executive body in Brussels, the European Commission, aims to shortly initiate negotiations with the member states' financial ministries on whether establishing a Union-wide tax scheme for crypto is required.

  • In response to the unexpected movement of funds out of FTX and FTX US wallets, Tether takes a precautionary measure by blacklisting USDT associated with the FTX wallet drainer. 

COINGABBAR VIEWS: The current FTX crisis has triggered many ups and downs in the crypto market. However, the crypto market remain very stable in the last 12 hours, and it appears to be continuing, as evidenced by the current influx.

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