Bitcoin jumps 13%, ether, dogecoin, Shiba Inu, other crypto prices today also rally. Check latest rates
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
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