- Cryptocurrency Bitcoin has struggled since hitting a high near $69,000 in November
Cryptocurrency prices today gained with Bitcoin hovering above the $20,000 mark. The world’s largest and most popular cryptocurrency was trading at $20,290, up more than 4%. Bitcoin has struggled since hitting a high near $69,000 in November.
It’s down about 60% year to date as the Federal Reserve hikes interest rates to combat inflation, risk assets struggle and the crypto industry sustains high-profile blowups like Terra/Luna and Three Arrows Capital. The largest token has been rangebound close to $20,000 for about a month.
“Bitcoin traded slightly higher on Wednesday, but the token’s price could not exceed the US$20,000 mark following the recent sell-off. Despite the drop below the US$20,000 level, BTC bounced off the local support level at US$18,931. Bulls can hope for continued growth if the price is above it. However, BTC might take some time to make any sharp moves since it has not yet accumulated enough strength,” said Edul Patel, CEO and co-founder of crypto investing platform Mudrex.
The global cryptocurrency market cap today was below the $1 trillion mark, even as it was up more than 3% in the last 24 hours to $939 billion, as per CoinGecko.
On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, rose more than 6% to $1,115. Meanwhile, dogecoin price today was trading nearly 2% higher at $0.06 whereas Shiba Inu jumped over 4% to $0.000010.
Other crypto prices’ today performance also improved as XRP, Solana, BNB, Litecoin, Stellar, Chainlink, Tron, Apecoin, Avalanche, Polkadot, Polygon (up as much as 18%), Uniswap, Tether prices were trading with gains over the last 24 hours.
Crypto lender Celsius Network filed for Chapter 11 bankruptcy, a month after it froze customer withdrawals and joining other casualties battered by a rout in digital assets.
Cryptocurrency platforms have come under increasing pressure as the Federal Reserve aggressively raises interest rates, hurting risk sentiment and squeezing funding costs. Crypto broker Voyager Digital Ltd. filed for Chapter 11 bankruptcy protection earlier this month, while liquidators have been called in for bankrupt crypto hedge fund Three Arrows Capital.
(With inputs from agencies)
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