The cryptocurrency price rose above the $19,000 mark with bitcoin trading today. Bitcoin, the world’s largest and most popular cryptocurrency, gained nearly one percent and was trading at $19,234. According to CoinGecko, the global cryptocurrency market cap was below $1 trillion today, even though it had risen marginally to $910 billion in the past 24 hours.
Ether, on the other hand, is the coin linked to the Ethereum blockchain and the second largest cryptocurrency, increased by more than one percent to $1,073. Meanwhile, Dogecoin price was trading up 3% today at $0.06 while Shiba Inu rose marginally to $0.0000010.
Today’s performance of other crypto prices also improved as XRP, Solana, BNB, Litecoin, Stellar, Chainlink, Tron, Uniswap prices were trading with gains in the last 24 hours, while Polygon, Epcoin, Tether slipped.
Cryptocurrencies have suffered this year amid a hike in Federal Reserve rates and extremely high inflation. After crypto’s last two years of hibernation ended in 2020, the sector reached nearly $3 trillion in total assets last November, before falling to just under $1 trillion last November. Investors were further worried about the collapse of the Terra/Luna ecosystem and continued concerns about hedge fund Three Arrows Capital Ltd.
Crypto hedge fund Three Arrows Capital (3AC) is seeking protection from creditors in the United States under Chapter 15 of the US Bankruptcy Code, which allows foreign debtors to shield US assets.
Meanwhile, crypto lender Voyager Digital said on Friday that it has suspended withdrawals, trading and deposits on its platform and later said it is pursuing strategic options and is looking to protect assets and provide as many benefits as possible to all customers. Focuses on maximizing value as quickly as possible.
The move comes days after the company issued a default notice to hedge fund Three Arrows Capital (3AC) for the fund’s failure to make required payments on the loan.
Bitcoin, the largest and best-known cryptocurrency, is down 58% in the first six months of 2022, marking its worst first half of the year as the digital asset struggled as US-based lender Celsius Network said this month that it would withdraw. will be suspended.
(with inputs from agencies)