Cryptocurrency prices today gained after being under pressure in the past few sessions. Bitcoin prices jumped over 3% to $42,982. The world’s largest cryptocurrency by market capitalization is up 48% this year (year-to-date), and much below its record of near $65,000 it had hit in April.
Ether, the coin linked to ethereum blockchain and the second largest crypto, also gained as it was up more than 3% to $2,960. Cardano prices jumped nearly 3% to $2.12 whereas dogecoin rose 2% to $0.20. The performance of other digital tokens including XRP, Litecoin, Stellar also improved over the last 24 hours.
Bitcoin was hit on multiple fronts during the month, including a botched roll-out of the coin as legal tender in El Salvador and tightening of regulatory oversights in the US and China.
“It’s been a grim 3 weeks for the cryptocurrency markets. “The overall calm in the markets seems to be stable judging by the trends. The general cryptocurrency market is in the descending triangle trend,” said Siddharth Menon, COO of cryptocurrency exchange WazirX.
China’s central bank last week said all financial transactions involving cryptocurrencies are illegal, sounding the death knell for the digital trade in the country after a crackdown on the volatile digital tokens.
Meanwhile, Tesla chief executive Elon Musk thinks US regulators should take cryptocurrency out of their crosshairs, leaving it free to ‘fly’, he told a conference in California on Tuesday, as reported by AFP, as governments around the world fret over cryptocurrency.
US Securities and Exchange Commission chair Gary Gensler said earlier at the conference there is potential for cryptocurrency to be considered a security, and platforms to be seen through the lens of those regulations.
(With inputs from agencies)
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