scorecardresearchBitcoin above $22,000, Ethereum rises 27 percent in one week; RBI seeks

Bitcoin above $22,000, Ethereum rises 27 percent in one week; RBI seeks crypto ban

Updated: 18 Jul 2022, 06:02 PM IST
TL;DR.

Bitcoin was trading at $22,199, rose 3.89 percent and traded above $22,000 for the first time since June 8. In the last seven days the token has gained around 9 percent.

Bitcoin break above $22,000; Ether spikes 10%

Bitcoin break above $22,000; Ether spikes 10%

The majority of the cryptocurrencies were trading green on Monday amid positive trends in major global markets. However, dark clouds will continue to hover over the digital tokens until investors get clear signs of regulations, rate hikes and inflation.

Bitcoin, the flagship cryptocurrency, was trading at $22,199, rose 3.89 percent and traded above $22,000 for the first time since June 8. In the last seven days the token has gained around 9 percent.

On the other side, Ether, the second largest cryptocurrency in terms of market capitalization, jumped 9.16 percent to 1,486 over the previous day. In the last seven days the token has gained around 27.5 percent according to Coindesk data at 16:50 IST.

Other popular digital tokens, which tend to move in tandem with bitcoin, also rose. Shiba Inu, the second-largest meme coin, rallied over 3.16 percent to $0.000011 and the most followed meme coin Dogecoin gained 4.12 percent to $0.067076.

The global cryptocurrency market cap increased to 4.74 percent to $1.02 trillion in the last 24 hours. On the flip side, the total cryptocurrency trading volume also increased 12.74 percent to $79.19 billion.

However, out of a total market cap, bitcoin's dominance is 41.70 percent, a decrease of 0.30 percent over the day, as per CoinMarketCap data at 16:57 IST.

Meanwhile, Finance Minister Nirmala Sitharaman said on Monday, 18th July that the Reserve Bank of India (RBI) has recommended to the government that it should frame regulations for cryptocurrencies. The Indian government wants an international collaboration if such a ban has to be put into effect, said Sitharaman.

First Published: 18 Jul 2022, 06:02 PM IST