Cryptocurrency prices today rally with Bitcoin climbing above $43,000 after trading below the $39,000 level in the previous session. The world’s most popular and largest cryptocurrency surged over 13% to $43,190. Meanwhile, the global cryptocurrency market capitalisation today bounced back to $2 trillion, up more than 10% in the last 24 hours, as per CoinGecko.
Similary, Ether, the coin linked to the ethereum blockchain and the second-largest cryptocurrency in terms of market capitalization, also jumped over 10% to $2,912. On the other hand, dogecoin price was trading about 7% higher at $0.13 whereas Shiba Inu also gained more than 8% to $0.000026.
The performance of other digital tokens also improved with Terra rising over 20% whereas Solana, XRP, Avalanche, Stellar, Polygon, Litecoin, Cardano, Polkadot, Terra prices were trading with gains in the range of 6-18% over the last 24 hours.
Bitcoin’s swings during the past weeks of escalating geopolitical tensions have served to undermine the argument that cryptocurrencies offer a hedge in times of trouble. The digital token is down about 6% in 2022 (year-to-date or YTD) so far whereas, it is still more than 30% far away from its record high of near $69,000 it had hit in November 2021.
The recent volatility in cryptos has come amid a broader market selloff driven by investors recalibrating their portfolios to account for a more aggressive Fed, which is now expected to raise rates as many as seven times this year as it fights surging inflation.
In another news, a Bloomberg report suggested that the Biden administration is asking crypto exchanges to help ensure that Russian individuals and organizations aren’t using virtual currencies to avoid sanctions leveled on them by Washington amid stiff restrictions levied by the US and its allies after Russia invaded Ukraine last week.
(With inputs from agencies)
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