scorecardresearchCrypto prices on an upward drive; bitcoin surges past $23,000

Crypto prices on an upward drive; bitcoin surges past $23,000

Updated: 18 Aug 2022, 08:20 AM IST

For past few days, cryptocurrency prices have been rising although there was a marginal decline on Wednesday. Read further to know more on this

In past one week, bitcoin prices surged by 3.17 percent

In past one week, bitcoin prices surged by 3.17 percent

After a long hiatus, cryptocurrency prices have started inching northward. The prices of most tradeable digital currencies started recovering in the past few days with bitcoin reclaiming $23,000-mark and ethereum hovering around $1,900 in the global crypto markets on Wednesday at 16.15 IST, as per CoinDesk data.

In the past one week, bitcoin prices rose by 3.17 percent to trade at $23,820, ethereum rose 11 percent to $1,881, Cardano rose 8.53 percent to $.055, ripple rose 3.88 percent to $0.3776, Solana rose 7.77 percent to $42.89, polygon rose 4.79 percent to $0.931, as per the Coin Market Cap data.

In another news, a UK’s consortium plans to test stablecoin payments and will also provide the data to Bank of England. The Digital FMI Consortium, a group of private-sector companies, will commence a pilot scheme in October to run it for at least one year, reported CoinDesk.

At the same time, Dogecoin prices rose some 10 percent in the past one day even as the broader crypto market remained largely flat. This added to a 25 percent rise over the past week, CoinGecko data shows.

Ethereum prices rose from $1,478 on July 18 to $1,875 on August 17, an increase of around 26.8%, according to CoinMarketCap data shows

Prices in Indian market

In Indian crypto markets as well, prices have risen considerably in past few days. The crypto rupee index (CRE8) rose by 5.52 percent in past seven days to reach 3,288, Coin Switch data shows.

The bitcoin price in Indian crypto market hovers around 20.47 lakh, ethereum trades at 1.64 lakh, binance coin trades at 27,000, ripple at 32, Cardano at 48, Solana at 3,740, dogecoin at 7 and polkadot at 760.

It is vital to note that several cryptocurrencies are facing investigation by the Enforcement Directorate for allegations of helping fintech companies siphon off money overseas via digital currencies. The agency froze assets of crypto exchange WazirX followed by a similar freeze of the assets of Vauld, another crypto exchange.

The total number of bitcoins will never cross 21 million - out of which 18.77 million have already been mined. 
First Published: 18 Aug 2022, 08:20 AM IST