In cryptocurrencies, Bitcoin prices today were trading above the $58,000 mark. The world’s largest and most popular cryptocurrency was trading at $58,590, up over 1%. Bitcoin had recently hit record high of around $69,000 and is up over 103% this year (year-to-date or YTD) so far. Global crypto market cap surged slightly to $2.8 trillion, as per CoinGecko.
Ether, the coin linked to ethereum blockchain and the second largest cryptocurrency, also gained over 4% to $4,486. Ether price has been trading around all-time high, catching up with bitcoin’s rally and riding on news of wider blockchain adoption.
“Ethereum also gained back its momentum and rallied back above the $4,400 mark. ETH, on the daily time frame, continues to tread along the ascending channel pattern. ETH against BTC also grew stronger with the trend going past $0.76. The Ethereum trend may continue with this momentum and could easily break the $5,000 levels. An immediate support is expected at $3,900 level and the next resistance is expected $4,900,” said Siddharth Menon, COO of WazirX.
Dogecoin price rose marginally to $0.21 whereas Shiba Inu gained more than 2% to $0.000041, as per CoinDesk. The performance of other cryptocurrencies were trading mixed. Polkadot, Litecoin, Cardano, Solana were trading with cuts over the last 24 hours whereas Uniswap, Polygon, Stellar gained.
Meanwhile, Sherrod Brown, chairman of the US Senate Banking Committee, is probing some of the biggest stablecoin issuers and exchanges for more information about the risks that digital tokens pose to investors and consumers, stated a Bloomberg report.
In letters to executives at Tether, Coinbase Global Inc., Binance.US and five other companies, Brown asked for more details about the size of the market for digital coins, how tokens are converted into US dollars and how consumers exchange cryptocurrencies, among other questions, the report added.
(With inputs from agencies)
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