Bitcoin Rebounds, Reclaims $28.5K
By Laxmikant Khanvilkar
Bitcoin, the largest cryptocurrency by market capitalization, has put up a brave show amid growing challenges from the regulatory authorities cautioning against dealing in private virtual currencies to the Federal Reserve Chairman monitoring the crypto space turmoil.
BTC reclaimed $28,000 mark, a day after the U.S. Federal Reserve decided to raise interest rate by 25 basis points. The most popular cryptocurrency had plummeted below the $26,000 mark in the previous day. Ether, the second largest crypto in market value, was recently changing hands at $1,810.
BTC rebounded to the same level where it stood earlier in the week when hopes were high for a cessation of central bank hawkishness.
Bitcoin has risen about 22% this month and more than 65% since January 1.
The global crypto market cap has risen by 3.28% in the past 24-hours to a total of $1.19 tn. Meanwhile, the market volume has fallen significantly by 20.12% to $55.36 bn. Decentralized finance (DeFi) comprised 7.82% of the total crypto market volume, amounting to $4.33 bn. Stablecoins accounted for the majority of the volume, with a total of $50.86 bn, or 91.87% of the total crypto market volume. Bitcoin’s dominance has also increased slightly by 0.06%, to a total of 46.17%.
Other major cryptos were largely in the green, regaining ground lost the previous day. Stablecoin XRP and TRX, the token of blockchain-based platform Tron Network, recently rose 5.7% and 9.4%, respectively. TRX dropped the previous day after the U.S. Securities and Exchange (SEC) charged its founder with selling and airdropping unregistered securities, fraud and market manipulation. Litecoin continued its recent momentum, rising 7.8%.
Meanwhile, the U.S. markets regulator SEC has urged investors to exercise caution when investing in crypto asset securities. Observers believe that the upshot could help set clearer rules for digital-asset firms.
Brett Quick, head of government affairs at Crypto Council for Innovation, told CoinDesk TV that “it will force the establishment of case law that will inform how crypto is regulated and it will set some rules of the road for crypto to comply with”. Some silver lining for cryptocurrencies.
You need to login in order to Like
