“The price of Bitcoin has remained below $17,000 due to market volatility following the recent Federal Open Market Committee’s (FOMC) minutes. The FOMC has indicated that it will maintain interest rate hikes, which has caused market participants to react. The current support level for BTC is at $16,800, with resistance at $16,900 and $17,000,” said chief executive officer (CEO) and Co-founder, Edul Patel, Mudrex.

On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, also slipped marginally to $1,249. Meanwhile, dogecoin price today was also trading over 2% lower at $0.07 whereas Shiba Inu was flat too at $0.000008.

Other crypto prices’ today performance also declined as Tether, Stellar, XRP, Polkadot, Uniswap, Chainlink, XRP, Solana, Avalance, Polygon, Litecoin, Apecoin, Tron, Solana prices were trading with cuts over the last 24 hours whereas Cardano gained.

The crypto industry’s woes continued on Thursday as plunging deposits, layoffs and a lawsuit added to the tumult of 2022, which was dominated by sinking prices and high-profile bankruptcies, reported Reuters.

The fallout from the collapse of crypto exchange FTX and criminal charges leveled against its founder Sam Bankman-Fried weighed heavily on the sector this week. Among those hit were Genesis Global Capital, which laid off staff, and crypto-focused Silvergate Bank, which reported a large fall in deposits.

Bankman-Fried on Tuesday pleaded not guilty to eight criminal counts including wire fraud and money laundering conspiracy. The 30-year-old is accused of looting FTX customers’ deposits to support his Alameda Research hedge fund.

Another Reuters report suggested that New York’s attorney general on Thursday sued Celsius Network founder Alex Mashinsky, claiming he defrauded investors out of billions of dollars in digital currency by concealing the failing health of his now-bankrupt cryptocurrency lending platform.

(With inputs from agencies)