The prices of bitcoin, other cryptocurrencies are rising today; Terra jumps 14%

In crypto, bitcoin price surged above the $39,000 level today. world’s most popular and largest cryptocurrency was trading at $39,255, up more than 2%. The digital token is down about 16% so far in 2022 (Year-to-Day or YTD). However, it is almost 30% away from its all-time high of $69,000 in November last 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 driven by investors rebalancing their portfolios to account for the more aggressive Fed, which is now expected to raise rates by up to seven times this year as it fights rising inflation.

Ether, the coin tied to the Ethereum blockchain and the second largest cryptocurrency in terms of market capitalization, also gained more than 3% to $2,620. On the other hand, Dogecoin price was flat at around $0.11 while Shiba Inu gained 0.7% to $0.000023.

Other digital tokens such as Avalanche, Stellar, XRP, Uniswap, Solana, Polygon, Litecoin, Cardano, Polkadot were also trading with slight gains in the last 24 hours while Terra jumped almost 14% to $90.9.

Meanwhile, the global cryptocurrency market capitalization soared but remained below the $2 trillion mark of $1.83 trillion, a change of more than 2% in the past 24 hours, according to CoinGecko.

President Joe Biden is expected to sign an executive order on cryptocurrency this week that would be the first step toward regulating the trading of the digital currency, a Reuters report suggested. The move comes as administration officials have raised concerns in recent weeks about Russia’s use of cryptocurrencies to avoid the effects of crushing sanctions in response to Ukraine’s invasion.

(with inputs from agencies)

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