The global cryptocurrency prices climbed up to 9 percent in the last 24 hours, with Bitcoin topping the $41,000 mark and Ethereum and Avalanche seeing big swings.
Bitcoin, the world’s largest cryptocurrency, was trading 5.08 percent higher and the currency was trading at $41,088. In rupee terms, Bitcoin was trading over 5.42 percent higher at ₹3,127,844 at 10:47 am (IST), according to CoinDesk data.
Bitcoin edged higher for a third day following reassurance from Federal Reserve Chairman Jerome Powell that the US economy was strong enough to weather tightening monetary policy. The largest cryptocurrency continued to mirror the US stock market, which swung between gains and losses in the wake of the Fed’s first interest rate increase since 2018.
On the other hand, Ether, the world’s second-largest cryptocurrency in terms of market capitalization, which is linked to the Ethereum blockchain, surged 5.48 percent to $2,765. In rupee terms, Ethereum rose 5.45 percent to trade at ₹209,777 in the last 24 hours. The second-largest cryptocurrency by market value has risen 3.9 per cent in the last one week.
The performance of other popular digital tokens were improved as Polygon, Litecoin, Stellar, Uniswap, Solana, Polygon, Polkadot, Cardano surged over the last 24 hours.
The global cryptocurrency market capitalisation rose to $1.91 trillion, more than a 4.8 percent change in the last 24 hours. The total crypto market trading volume on the last day is at $98.7 Billion, as per CoinGecko.
Menwhile, Mudrex, a Bengaluru and San Francisco-based Y Combinator-backed crypto investing platform, has now allowed its users to now use a Systematic Investment Plan (SIP) option to invest in Coin Sets, the crypto equivalent of mutual funds.
Using SIPs on Coin Sets, investors can spread out their capital investment instead of making a lump sum purchase, thereby reducing their risk on their crypto investment, said Mudrex.
In other news, amidst its ongoing conflict with Russia, Ukrainian President Volodymyr Zelensky has officially signed a law “On Virtual Assets” legalising cryptocurrency assets in the country.
The signed law defines what is considered a crypto asset and taps the National Bank of Ukraine and its National Commission on Securities and Stock Market as crypto regulators, and establishes other regulations surrounding who can offer cryptocurrencies and how they must be registered in Ukraine.