Bitcoin, Ethereum Extends Winning Streak
By Laxmikant Khanvilkar
Cryptocurrencies added to their winnings streak on the back of increased risk appetite amid dollar’s weakness.
Recently, the largest cryptocurrency by market value rose 1.7% to the $17,400 level. BTC traded as high as $17,488 in the past 24 hours, reaching a four-week peak. Ethereum, too, added nearly 1.5%.
However, significant traders, known as “whales,” are avoiding the bitcoin market because of its low liquidity. Equities finished up after traders assessed Federal Reserve Governor Michelle Bowman’s Tuesday statement that more interest rate hikes should be expected to manage inflation.
The global crypto market cap has risen by 0.94% in the past day, totaling $857.91 bn. Over the last 24 hours, the total crypto market volume has decreased by 22.76% to $35.08 bn, with the total volume in DeFi accounting for 6.94% of that total. Stable coins have a market share of 92.28%. As for Bitcoin, its dominance is currently at 39.16%, with a 0.17% increase since yesterday.
Crypto exchange Coinbase (COIN) said it’s planning to reduce headcount by around 950 employees as part of a restructuring that it expects to be complete by the end of the second quarter.
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