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The major coins were seen lower on Wednesday evening as the global cryptocurrency market capitalization fell 0.6% to $810 billion as of 7:16 p.m. EST.
Price Performance of Major Coins Coin Price 24/7 Bitcoin BTC/USD -0.4% -5.7% $16,824.03 Ethereum ETH/USD -0.2% -7.4% 1,213.06 $Dogecoin DOGE/USD -1.2% -16.8% $0.07 Top 24-Hour Gainers (Data via CoinMarketCap) Cryptocurrency 24-Hour Change % (+/-) Helium Price ( HNT) +32.4% $2.13 Toncoin (TON) +4.6% $2.52 Ethereum Classic (ETC) +3.9% $16.58
See also: Best FTX Alternatives: How to Protect Your Crypto in 2022
Why it matters: The optimism seen among risky assets has not thrilled the cryptocurrency market as Bitcoin and Ethereum have trailed equity gains at the time of writing.
On Wednesday, the S&P 500 and Nasdaq closed up nearly 1.5% each on an intraday basis. At the time of writing, US stock futures were slightly higher after earnings data and strong consumer confidence bolstered investor sentiment.
FTX founder Sam Bankman-Fried will fly to New York on Wednesday evening. His attorney told a court in a signed affidavit that the disgraced cryptocurrency entrepreneur consented to extradition because of his desire to return the affected clients whole, CNBC reported.
Bankman-Fried will face arraignment and bail after landing, according to the report.
Sam Bankman-Fried has agreed to be extradited to the United States and we may soon find out who else in FTX will be investigated and what other businesses are affected. Bitcoin is not benefiting much from the positive risk environment traversing Wall Street, said Edward Moya, senior market analyst at OANDA.
Trader Michal van de Poppe said the economy looks shaky in 2023 and his main portfolio in such a scenario is comprised of cryptocurrencies, gold, silver, uranium and cash.
Cryptocurrency trader Justin Bennett said he doesn’t think there will be a BTC capitulation without the apex coin testing the underside of the June low of $17,600.
Popular Bitcoin Chain analyst Willy Woo noted that most coins underperform by keeping money in cash. It is better to hold USD than to randomly buy a coin in the crypto casino. USD is not the ultimate shitcoin, thousands of coins are worse.
Read Next: Gold Bull Peter Schiff Calls MicroStrategy’s Bitcoin Buy ‘Hail Mary’ to Avoid Liquidation
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