Bitcoin rose for a third day after Federal Reserve Chairman Jerome Powell assured that the US economy was strong enough for tighter monetary policy. biggest cryptocurrency The US stock continued to reflect the market, which was swinging between gains and losses in the wake of the Fed’s first interest rate hike since 2018.
The digital coin was trading up over 2% at $41,028. The world’s most popular cryptocurrency is down about 11% (year-to-date or YTD) so far in 2022. It is nearly 30% off its all-time high of $69,000 in November last year.
On the other hand, Ether, the coin tied to the Ethereum blockchain and the second largest cryptocurrency in terms of market capitalization, also gained over 5% to $2,768. Dogecoin price is up more than 2% to $0.11 while Shiba Inu is trading up almost 3% at $0.000023.
Other digital tokens such as Polygon, Litecoin, Stellar, Uniswap, Solana, Polygon, Polkadot, Cardano improved performance over the past 24 hours, while Terra slipped. Meanwhile, according to CoinGecko, the global cryptocurrency market capitalization remained below the $2 trillion mark of $1.91 trillion, a change of over 4% in the past 24 hours.
Cryptocurrencies have been engulfed by the same forces that have damaged other risk assets, including US equities, this year. The recent volatility in cryptocurrencies comes amid a broad market sell-off amid rising geopolitical tensions due to the Russia-Ukraine crisis. Volatility has also been prompted by investors rearranging their portfolios to account for a more aggressive Fed.
(with inputs from agencies)
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