Beat-down cryptocurrencies rallied amid apparent relief in global markets after US Federal Reserve Chairman Jerome Powell indicated that a series of super-sized interest rate hikes is unlikely. Bitcoin price is trading higher by over 2% today and at $22,391. The world’s biggest crypto is down more than 51% so far this year (YTD), and is trading well below its record high of $69,000 in November last year.
Ether, on the other hand, is the coin linked to the Ethereum blockchain and the second largest cryptocurrency, rose more than a percentage point to $1,220. Meanwhile, Dogecoin price was also trading up more than 9% at $0.09 today, while the Shiba Inu also gained 5% to $0.000009. The global cryptocurrency market cap today rose nearly 2% over the past 24 hours to exceed $1 trillion.
Today’s performance of other crypto prices also improved as Stellar, Uniswap, XRP, Tether, Solana, Polkadot, Avalanche, Polygon, Chainlink, Terra Luna Classic, Cardano, Litecoin and Tron prices gained in the range of 4-17%. was doing business with. in the last 24 hours.
Crypto prices surged, snapping a long period of pain that contributed to a more than $1 trillion drop in crypto market value this year. As crypto began to slip late last year on less favorable Fed expectations, rising interest rates hurt the industry and its prospects.
Last month’s collapse of the Terra blockchain and the recent decision by crypto lender Celsius Network Ltd to halt withdrawals have also taken a toll, while this week a tweet by crypto hedge fund co-founder Three Arrows Capital fueled speculation that it would The loss was a big loss.
Crypto lending platform Celsius Network may have limited options in its efforts to remain solvent as the decision to freeze withdrawals helped set off one of the biggest digital token meltdowns in years.
As reported by Bloomberg, crypto research firm Kaiko said, pointing to a combination of “poor risk management, bearish market conditions and a derivative of Ethereum” called stETH, as Celsius now describes itself as “Lehman-esque.” “Finds in position.
All kinds of wallets in crypto are surrounded by negative events. Several crypto firms have announced layoffs and hiring freezes, and many market watchers expect further price drops.
(with inputs from agencies)