Cryptocurrency market update: Bullish shoots sprouting again – Bitcoin and Ethereum in the green

The crypto market suffered another bloodshed on Friday. The current slump in the prices come after the market corrected lower on Wednesday. The losses on Friday are as a result of the investors reacting to the allegations by the New York Attorney General’s office that Bitfinex exchange covered by a shortfall of $850 million by using funds from Tether (USDT) reserves. Apparently, the matter has been under investigation since 2018. However, Bitfinex has come out guns blazing that it is going to vigorously oppose the claims and any future actions of the AG’s office.

More on the story: Bitfinex exchange promises to vehemently fight allegations of Tether (USDT) $850 million cover-up

Meanwhile, according to CoinMarketCap, Bitcoin is trading at $5,290.77 following a 3.16% decline from the same time on Thursday. In spite of the selloff, Bitcoin daily trading volume is still on the rise from yesterday’s $15 billion to the current $17 billion. Similarly, the market cap has gone up slightly to $93 billion from $92 billion in the same period. Bitcoin dominance seems to be on the rise again and has clocked 54.7%.

Ethereum, on the other hand, at -5.28% in the last 24-hour is trading at $155.45. The largest altcoin recently failed to defend the support at $170. However, the price found a pit stop above $160 yesterday before the losses today sent it to the zone close to $150.

A look at the intraday charts, we see green shoots sprouting everywhere as the bulls move in to reverse the trend. Some of the biggest gainers on the day are Bitcoin Gold, Monero, EOS and XRP.

Read More: Bitcoin Gold price analysis: BTG/USD shows strong rebound; upside capped by descending channel