Cryptocurrencies Value Rises to $2.44 Trillion as Market Flirts With BTC, ETH
The market capitalisation of all cryptocurrencies increased above $2.4 trillion as digital currency assets experienced price surges. Bitcoin price crossed $67,000, according to data obtained from cryptocurrency exchanges, while Toncoin pulled back, but the market gained support from the Ethereum price surge
The CoinDesk Market Index, which tracks 193 digital assets, was up 3% in the past 24 hours, while the Nasdaq 100 declined 0.1% and the S&P 500 and the Dow Jones Industrial Average rose 0.1% and 0.3%, respectively.
Bitcoin (BTC-USD), the largest cryptocurrency by market value, jumped 2.5% in the last 24 hours at $66,917, according to CoinMarketCap data. Trading volume was $28.56 billion, down 17%. The most popular cryptocurrency is on pace to conclude the week with a gain of 11%.
Ethereum (ETH-USD), the second-largest digital asset, was trading 4.7% higher at $3,088 and headed for a weekly gain of 6.4%. BNB (BNB-USD), the third-largest digital asset by market value excluding stablecoins, rose 2.1% and Solana (SOL-USD), the fourth-largest, was up 5.8%.
XRP (XRP-USD) increased 1%; Toncoin (TON-USD) declined 0.4%; and Dogecoin (DOGE-USD) was up 2.5%. Cardano (ADA-USD) was trading 5.1% higher. The total market value of the cryptocurrency industry was up 3% in the last 24 hours at $2.43 trillion. The total trading volumes decreased 12% to $76.09 billion.
In a related development, crypto lender Genesis Global received court approval on Friday to return about $3 billion in cash and cryptocurrency to its customers in a bankruptcy liquidation, leaving its owner, Digital Currency Group, with no recovery from the bankruptcy.
U.S. Bankruptcy Judge Sean Lane approved Genesis’ Chapter 11 liquidation plan and overruled an objection raised by DCG, which had argued that Genesis should pay its customers and creditors no more than what the crypto assets were valued at in January 2023, when Genesis filed for bankruptcy.
Crypto prices have risen sharply since Genesis filed for bankruptcy, and DCG and Genesis disagreed over who should benefit from the rise in prices. Bitcoin, for example, was worth $21,084 in January 2023, compared with its current price of $67,000.
Lane rejected DCG’s objection, ruling that even if customer claims were capped at the lower prices, Genesis would have to pay many other creditors, including federal and state financial regulators that had asserted $32 billion in claims, before it was able to give money to its equity owner DCG.
“There are nowhere near enough assets to provide any recovery to DCG in these cases,” Lane wrote. Genesis is paying customers back in crypto where possible, but it does not have enough cryptocurrency to give back everything it owes.
Genesis attorney Sean O’Neal said Friday that the company disagreed with DCG’s assertion that customers could be paid “in full” based on the lower cryptocurrency prices in January 2023.
“We don’t buy into the idea that claims are capped at the petition date value,” O’Neal said. Genesis estimated in February that it would be able to pay its customers up to 77% of the value of their claims, depending on future price fluctuations. #Cryptocurrencies Value Rises to $2.44 Trillion as Market Flirts With BTC, ETH Reforms: Fitch Revises Nigeria’s Outlook to Positive
