New Delhi: Top cryptocurrencies by market value recovered in the last 24 hours, rising up to 12 per cent as investors judged the recent slide unwarranted.
Bitcoin, the largest crypto by market value, climbed 4.15 per cent to $29,972.89. The cryptocurrency had fallen to a low of $25,401.05 on Thursday, its lowest level since December 28, 2020.
It is still down 17.87 per cent in the last seven sessions.
Ethereum edged 0.06 per cent higher to $2,052.95 level in the last 24 hours. The second-largest cryptocurrency by market value is still down 25 per cent in the last one week.
Tether edged 0.02 per cent higher to $0.9971. USD Coin stood at $1, up 0.03 per cent.
BNB advanced 12.80 per cent to $298.04. XRP rose 4.54 per cent to $0.4173. This cryptocurrency has fallen 32 per cent in the last one week. Cardano jumped 5.44 per cent but was down 34 per cent for the week.
Binance edged 0.17 per cent higher at $1. Solana dropped 7.91 per cent to $47.14, taking its weekly fall to 44 per cent. Dogecoin surged 6.16 per cent to $0.088, after having fallen 31 per cent in the last one week. Polkadot rose 7.4 per cent, Avalanche was up 3.6 per cent while Shibu Inu added 3.44 per cent.
Terra USD fell 69 per cent in the last 24 hours to $0.1954.
The global cryptocurrency market cap rose to the $1.27 trillion mark, up 0.72 per cent in the last 24 hours. This is less than half of where it was last November. Total cryptocurrency trading volumes zoomed to $2.47 trillion, as per Coinmarketcap.
Unlike previous financial market selloffs, when cryptocurrencies were largely untouched, the latest selling pressure in digital currencies has undermined the broader argument that they are dependable stores of value amid market volatility, a Reuters report suggested.
- US Treasury Secretary Janet Yellen, responding to the recent sharp decline in the value of cryptocurrencies, said that additional federal regulation was needed to respond to the wave of speculative investment in the currency whose secrecy is an essential part of its appeal. Earlier, a top official at the US Securities and Exchange Commission (SEC) signalled on Thursday that stricter rules around crypto stablecoins could be drawing closer.
- Tether, the third largest cryptocurrency in terms of market capitalization, said the majority of its reserves are in US Treasuries after having reduced its exposure to commercial paper over the last six months, its Chief Technology Officer Paolo Ardoino said in a Twitter Spaces chat on Thursday.
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