Cryptocurrency prices today surged with Bitcoin trading above the $57,000 mark. The world’s largest and most popular cryptocurrency was trading at $57,714, up 1%. Bitcoin had recently hit record high of around $69,000 and is up over 98% this year (year-to-date or YTD) so far. Global crypto market cap surged slightly to $2.7 trillion, as per CoinGecko.
“India’s latest update on prohibition of private cryptocurrencies did not go well with the Indian crypto investors. We saw some panic selling across the INR markets leading to a nose dive in the prices of major crypto tokens. Bitcoin saw a marginally correction but was still hovering over the $56K – $57K mark. The weekly timeframe for BTC trend shows the chart traversing within the ascending channel pattern with the key support at $53,000,” said Siddharth Menon, COO, WazirX.
Ether, the coin linked to ethereum blockchain and the second largest cryptocurrency, also gained more than 1% to $4,323. 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 slipped over 2% to $0.21 whereas Shiba Inu plunged nearly 3% to $0.000040, as per CoinDesk. The performance of other cryptocurrencies like XRP, Polkadot, Uniswap, Stellar, Cardano, Solana also were trading with cuts over the last 24 hours whereas Litecoin, Polygon 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.
(With inputs from agencies)
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