The cryptocurrency price has gained momentum today after being under pressure over the past few sessions. bitcoin prices increased by 3% to $42,982. The world’s largest cryptocurrency by market capitalization is up 48% this year (year-to-date), and is well below its record close of $65,000 in April.
Ether, the coin and the second largest crypto tied to the Ethereum blockchain, also rose as it rose more than 3% to $2,960. Cardano price jumped nearly 3% to $2.12 while Dogecoin gained 2% to $0.20. The performance of other digital tokens including XRP, Litecoin, Stellar has also improved in the last 24 hours.
Bitcoin was hit on several fronts during the month, including the roll-out of the coin as legal tender in El Salvador and tightening regulatory oversight in the US and China.
“The 3 weeks have been a bad time for the cryptocurrency markets.” The overall calm in the markets seems to be stable looking at the trends. “The general cryptocurrency market is in a descending triangle trend,” said Siddharth Menon, COO of cryptocurrency exchange WazirX.
China’s central bank said last week that all financial transactions involving cryptocurrencies are illegal, sounding the death knell after the country cracked down on volatile digital tokens for digital trade.
Meanwhile, Tesla chief executive Elon Musk thinks US regulators should take cryptocurrencies out of their crosshairs, leaving it free to ‘flight’, he told a conference in California on Tuesday, as reported by AFP. As the governments around the world fret over cryptocurrencies.
U.S. Securities and Exchange Commission chairman Gary Gensler said earlier at the conference that cryptocurrencies can be considered a security, and viewed platforms through the lens of those regulations.
(with inputs from agencies)
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