Bitcoin has changed little after rallying over 16% over the past two days. world’s most popular and largest cryptocurrency was trading marginally over 2% at $44,759. The digital token is up almost 17% in the past five days. However, it is more than 30% away from its all-time high of $69,000 in November 2021.
Ether, the coin tied to the Ethereum blockchain and the second largest cryptocurrency by market capitalization, rose marginally to $2,931. On the other hand, the price of Dogecoin was trading more than one percent at $0.13, while the Shiba Inu was also trading more than one percent at $0.000026.
The performance of other digital tokens such as Terra, Solana, Polygon was mixed while Avalanche, Stellar, XRP, Litecoin, Cardano, Polkadot prices were trading with cuts in the last 24 hours. Meanwhile, according to CoinGecko, the global cryptocurrency market capitalization remains above the $2 trillion mark today, despite a slight decline over the past 24 hours.
The US Securities and Exchange Commission is investigating the creators of NFTs and crypto exchanges where they trade to determine whether certain assets violate the agency’s rules, a Bloomberg report suggested.
The recent volatility in cryptocurrencies comes amid a broad market sell-off amid rising geopolitical tensions due to the Russia-Ukraine crisis. Volatility has also been driven by investors rebalancing their portfolios to account for the more aggressive Fed, which is now expected to raise rates by up to seven times this year as it fights rising inflation.
(with inputs from agencies)
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