Bitcoin trades back to $22,000, Ethereum gains 4.7% as regulatory concerns ease
The cryptocurrency market traded in the green on Wednesday, lifted by gains in Bitcoin (BTC), Ethereum (ETH), Binance (BNB), Cardano (ADA), Solana (SOL) among other coins. The global crypto market capitalization is $1.03T, up 2.12% in the last day, according to Coinmarketcap.com at 6.00 am IST.
The cryptocurrency market traded in the green on Wednesday, lifted by gains in Bitcoin (BTC), Ethereum (ETH), Binance (BNB), Cardano (ADA), Solana (SOL) among other coins. The global crypto market capitalization is $1.03T, up 2.12% in the last day, according to Coinmarketcap.com at 6.00 am IST.
Bitcoin, the largest cryptocurrency by market capitalization, traded back above the $22,000 price level as concerns about a growing crackdown by regulators eased.
Bitcoin, the largest cryptocurrency by market capitalization, traded back above the $22,000 price level as concerns about a growing crackdown by regulators eased.
BTC jumped as much as 3.2% to $22,323 in New York trading, after turning negative earlier in the session. By and large, Bitcoin has been trading below that level since a series of regulatory actions were recently unveiled.
BTC jumped as much as 3.2% to $22,323 in New York trading, after turning negative earlier in the session. By and large, Bitcoin has been trading below that level since a series of regulatory actions were recently unveiled.
Prices of cryptocurrency
Meme coin Dogecoin rose around 1.50%, while Binance Coin rose 2% and Ethereum gained 4.7%.
Prices of cryptocurrency
Meme coin Dogecoin rose around 1.50%, while Binance Coin rose 2% and Ethereum gained 4.7%.
Solana’s (SOL) price rose by 3.73 percent to $21.61 today.
Solana’s (SOL) price rose by 3.73 percent to $21.61 today.
Cardano (ADA) was up 7.77 percent to $0.3851.
Cardano (ADA) was up 7.77 percent to $0.3851.
Polygon MATIC was up 5.96 percent to $1.25.
Polygon MATIC was up 5.96 percent to $1.25.
Shawn Cruz, trading strategist at TD Ameritrade said, “It’s interesting to me that you’re seeing crypto rally when you have the SEC continuing to crack down on a lot of these businesses.”
Shawn Cruz, trading strategist at TD Ameritrade said, “It’s interesting to me that you’re seeing crypto rally when you have the SEC continuing to crack down on a lot of these businesses.”
“I’m not really sure I would expect it to stay,” Cruz added.
“I’m not really sure I would expect it to stay,” Cruz added.
Several crypto tokens were down earlier on Monday, with the native token of the Binance exchange falling the most since a market meltdown in November.
Several crypto tokens were down earlier on Monday, with the native token of the Binance exchange falling the most since a market meltdown in November.
The New York State Department of Financial Services instructed Paxos Trust Co to stop issuing new tokens of crypto’s third-largest stablecoin, a Binance-branded coin known as BUSD that has roughly $16 billion in circulation.
The New York State Department of Financial Services instructed Paxos Trust Co to stop issuing new tokens of crypto’s third-largest stablecoin, a Binance-branded coin known as BUSD that has roughly $16 billion in circulation.
Paxos stated that the US Securities and Exchange Commission had notified the firm of a potential enforcement action. Kraken reached a settlement with the SEC last week.
Paxos stated that the US Securities and Exchange Commission had notified the firm of a potential enforcement action. Kraken reached a settlement with the SEC last week.
Meanwhile, cryptocurrency-related stocks also rose, with Coinbase Global halting a seven-day slide, while MicroStrategy rose around 9%.
Meanwhile, cryptocurrency-related stocks also rose, with Coinbase Global halting a seven-day slide, while MicroStrategy rose around 9%.
Bitcoin spent most of 2022 trading alongside stocks, especially technology company stocks. They were all hit when the Federal Reserve began a campaign to raise interest rates and reduce liquidity to tame inflation.
Bitcoin spent most of 2022 trading alongside stocks, especially technology company stocks. They were all hit when the Federal Reserve began a campaign to raise interest rates and reduce liquidity to tame inflation.
The correlation broke when FTX collapsed and cryptocurrencies plunged, only to rebound in the New Year. The S&P 500 has increased by almost 8% this year, while the technology-heavy Nasdaq 100 has risen 15%. Bitcoin has risen 34% this year, after falling 64% in 2022.
The correlation broke when FTX collapsed and cryptocurrencies plunged, only to rebound in the New Year. The S&P 500 has increased by almost 8% this year, while the technology-heavy Nasdaq 100 has risen 15%. Bitcoin has risen 34% this year, after falling 64% in 2022.
Crypto investment firm Satori Research’s CEO, Teong Hng, said: “We have observed that crypto markets tend to do well during US hours, a sign that institutional investors may be behind the buying interest.”
Crypto investment firm Satori Research’s CEO, Teong Hng, said: “We have observed that crypto markets tend to do well during US hours, a sign that institutional investors may be behind the buying interest.”
