crypto price today: Crypto Price Today: Bitcoin Regains $17,000; Ethereum and Polygon rise up to 4%

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New Delhi: Crypto markets rallied on Friday, recouping some of the losses and ignoring inflationary concerns.

Bitcoin recovered to levels of $17,000, while Ethereum traded below the $1,250 mark.

All other major crypto tokens were trading higher. Ethereum rose 4% while Polygon jumped 3%. Bitcoim, Polkadot, Litecoin and Tron added 2% each.

The global cryptocurrency market capitalization traded at around $860 billion, rising more than 2% in the past 24 hours. The total trading volume remained stable, increasing by nearly 1% to $37.43 billion.

What’s Coming in IndiaIndian crypto asset exchange ZebPay has announced Rahul Pagidipati as the company’s CEO effective December 1, 2022, who will lead ZebPay’s operations and work with the current team.

Pagidipati became CEO of ZebPay for the first time in January 2020. Former CEO Avinash Shekhar will embark on his entrepreneurial journey with the launch of his own business in the Web3 space.

Expert takes Edul Patel, CEO and co-founder of Mudrex, said that Bitcoin has consolidated above the $17,200 level in the past 24 hours. “Even though BTC touched the $17,424 mark, the bulls couldn’t hold it there for long,” he said.

Its immediate support lies at $17,100, while resistance holds at $17,280 and then $17,400. If it fails to clear the resistance, there could be a further bearish reaction, he added.

“With all the negative news, it’s easy to lose track of genuine consumer crypto adoption, which has seen several positive developments in the past week, including Fidelity and Stripe bringing crypto to the masses, alongside Telegram’s plans to launch its own crypto wallet,” Parth said. Chaturvedi, Head of Crypto Ecosystem, CoinSwitch.

Global UpdatesThe latest twist in the downfall of crypto maven Sam Bankman-Fried prompts a re-examination of the implosion of the Terra algorithmic stablecoin ecosystem that wiped out an estimated $40 billion in market value earlier this year.

Ethereum developers have determined that the networks next hard fork, called “Shanghai”, will have a target release time of March 2023. This upgrade will include code known as EIP 4895 that will enable withdrawals from ether staked by Beacon Chain.

PayPal will expand its crypto service to Luxembourg “in the coming days”, the payment company announced. The expansion marks the first deployment of its crypto service in a European Union country.

The new management of bankrupt cryptocurrency exchange FTX has hired forensic investigators from consulting firm AlixPartners to track down billions of dollars that went missing, The Wall Street Journal reported.

(Disclaimer: The recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

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