Bitcoin, ether, dogecoin, Shiba Inu gain while Solana, Cardano dip

Market


In cryptocurrencies, Bitcoin prices today were trading above the $58,000 mark. The world’s largest and most popular cryptocurrency was trading at $58,590, up over 1%. Bitcoin had recently hit record high of around $69,000 and is up over 103% this year (year-to-date or YTD) so far. Global crypto market cap surged slightly to $2.8 trillion, as per CoinGecko.

Ether, the coin linked to ethereum blockchain and the second largest cryptocurrency, also gained over 4% to $4,486. Ether price has been trading around all-time high, catching up with bitcoin’s rally and riding on news of wider blockchain adoption.

Dogecoin price rose marginally to $0.21 whereas Shiba Inu gained more than 2% to $0.000041, as per CoinDesk. The performance of other cryptocurrencies were trading mixed. Polkadot, Litecoin, Cardano, Solana were trading with cuts over the last 24 hours whereas Uniswap, Polygon, Stellar gained.

Cryptocurrencies have sold off in recent days amid a number of concerns, including greater regulatory risks as well as many tokens having run up very quickly in a short period of time and with India preparing a bill to regulate the digital tokens.

Bitcoin has more than doubled this year, while Ether is up about sixfold. Both scaled records recently amid a fervor for digital assets driven by speculative demand and controversial arguments that they can hedge inflation risks.

Meanwhile, Sherrod Brown, chairman of the US Senate Banking Committee, is probing some of the biggest stablecoin issuers and exchanges for more information about the risks that digital tokens pose to investors and consumers, stated a Bloomberg report.

In letters to executives at Tether, Coinbase Global Inc., Binance.US and five other companies, Brown asked for more details about the size of the market for digital coins, how tokens are converted into US dollars and how consumers exchange cryptocurrencies, among other questions, the report added.

(With inputs from agencies)

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