scorecardresearchBitcoin tumbles below $22k, Ether gains marginally; Investors await US

Bitcoin tumbles below $22k, Ether gains marginally; Investors await US Fed cues

Updated: 24 Aug 2022, 02:18 PM IST
TL;DR.

Bitcoin rose 0.52 percent to hover around $21,303 while Ether gained 2.31 percent to 1,627 over the previous day.

FILE PHOTO: Representations of Bitcoin cryptocurrency are seen over Brazilian Real notes in this illustration picture taken May 25, 2021. REUTERS/Ricardo Moraes/Illustration/File Photo

FILE PHOTO: Representations of Bitcoin cryptocurrency are seen over Brazilian Real notes in this illustration picture taken May 25, 2021. REUTERS/Ricardo Moraes/Illustration/File Photo

The majority of the cryptocurrencies were trading in the red on Wednesday as crypto investors anxiously waited for the US Fed Chairman Jerome Powell's next move on interest rates hikes.

Bitcoin, the largest virtual coin by market value, rose as much as 0.52 percent to hover around $21,303. The token is still floating below the $22,000 level since it started to sell off in mid-August.

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BTC price chart

On the other side, Ether, the second largest cryptocurrency, gained 2.31 percent to 1,627 over the previous day, according to Coindesk data at 13:15 IST. During the past seven days, the token has plunged roughly 12 percent.

Other popular digital tokens like Shiba Inu, the second-largest meme coin, rose over 0.94 percent to $0.000013 whereas Solana fell more than 0.23 percent to $34.82 and Dogecoin, the most followed meme coin shed 0.87 percent to $0.06737.

The main reason for this volatility is the regulatory tightening across large economies, the fear of recession in the US and EU. Investors should spread their investment periodically over multiple crypto projects with sound history and future potential and allocate less than 15% of their savings in cryptos, says Khaleelulla Baig, Co-founder of Koinbasket.

The global cryptocurrency market cap increased by 0.68 percent to $1.02 trillion in the last 24 hours. On the flip side, the total cryptocurrency trading volume decreased 1.62 percent to $69.96 billion.

Meanwhile, out of a total market cap, bitcoin's dominance is 39.85 percent, a decrease of 0.12 percent over the day, as per CoinMarketCap data at 13:25 IST.

In recent news, almost 15 percent of Indians traded in the cryptocurrency market in the last six months, according to a KuCoin survey,

 

First Published: 24 Aug 2022, 02:18 PM IST