Bitcoin and Ether rally as crypto market witnesses rare midweek rebound fueled by relief from Fed Chairman

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Bitcoin and the largest crypto market saw a rare rally until Tuesday, December 11, as U.S. Federal Reserve Chairman Jerome Powell pledged to fight inflation during testimony outside lawmakers who should focus on the recent spike in inflation. Bitcoin has seen a 2.94% increase in value until Tuesday and currently stands at $ 46,177 (around Rs. 34.13 lakh), up 0.32% in the past 24 hours. on Indian exchanges like CoinSwitch Kuber. Meanwhile, on world exchanges, the price of the most popular cryptocurrency stands at $ 42,548 (around Rs. 31.44 lakh), up 0.60% in the past 24 hours.

Ether, the second largest cryptocurrency by market cap, has had a scorching start to the year so far, losing nearly 15% in the past two weeks, but Tuesday saw a strong rally in the crypto asset. . The Ethereum-based cryptocurrency saw a 7.06% increase during the day and also didn’t let the momentum slip through on Wednesday. At the time of publication, Ether is valued at $ 3,503 (around Rs. 2.59 lakh) on CoinSwitch Kuber while stocks on global exchanges see the crypto pegged at $ 3,225 (around Rs. 2.38 lakh) , where the coin experienced an increase of 3.48%. in the last 24 hours.

Bitcoin and Ether lead the rally, but most of the other well-known altcoins aren’t far behind. Gadgets 360’s cryptocurrency price tracker reveals a positive picture for the overall market. Ripple, Cardano, Polkadot, Uniswap, Polygon and Litecoin have all seen their valuations improve. Meanwhile, Chainlink and Tether were the only coins to experience a decline in value on the market chart.

Even coins also saw a big increase in midweek. Dogecoin is currently valued at $ 0.17 (around Rs. 12.34), up 5.86 percent, while Shiba Inu is valued at $ 0.00003 (around Rs. 0.00224), also up by 3.13 percent. That said, the value of SHIB fell 13.8% over the past week, while that of Dogecoin fell 8.7%.

As the cryptocurrency market breathes a sigh of relief, the UK has increased its influence in the country’s cryptocurrency industry with the launch of an independent group of lawmakers determined to regulate the digital currency market. in full maturity. Called Crypto and Digital Assets Group, the group includes members of Parliament as well as the House of Lords; its mission is to develop new rules for the digital asset industry that support innovation.

Elsewhere, Pakistan’s Federal Investigation Agency (FIA) has sent an official notice to popular crypto exchange Binance which is named in a major scam. The FIA ​​will investigate complaints from Binance users who alleged that the crypto exchange caused them to transfer funds to unknown third-party wallets. The scam is estimated to have cost people a collective total of around $ 100 million (around Rs. 739 crore). A notice was also sent to Binance headquarters in the British overseas territory of the Cayman Islands for responses.

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting Founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

Cryptocurrency is unregulated digital currency, not legal tender and subject to market risk. The information provided in the article is not intended to be and does not constitute financial advice, business advice or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV will not be liable for any loss resulting from any investment based on any perceived recommendation, forecast or any other information contained in the article.

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