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New Delhi: Crypto markets rose on Wednesday after better-than-expected US inflation data.
The digital asset industry had a memorable 24 hours. However, all eyes are on the decision of the US Fed later in the evening, which will lead the crypto market in the short term.
Bitcoin traded towards $18,000 levels after a long consolidation, while Ethereum was above the $1,300 mark. However, earnings for the majority of altcoins have been capped.
With the exception of US dollar-pegged Tether, all other major crypto tokens were trading higher. Solana rose more than 6%, while Ethereum and Shiba Inu each traded 4% higher.
The global cryptocurrency market capitalization traded at around $872.32 billion, gaining nearly 3% in the past 24 hours. Total trading volume jumped around 60% to $53.21 billion.
According to experts, Bitcoin dominance has crossed the 41% mark, indicating a reduction in risk by a large number of investors. Binance’s latest developments may have steered investors away from riskier assets, BuyUcoin Cryptocurrency Exchange said.
Global Updates FTX founder and former CEO Sam Bankman-Fried will be remanded in custody after a Bahamian judge ruled he should be denied bail on Tuesday.
John Ray III, the replacement CEO of FTX who is now steering the company through bankruptcy, told lawmakers that wrongdoing inside the crypto giant was unsophisticated.
Changpeng ‘CZ’ Zhao, founder and CEO of exchange giant Binance, hailed the “stress test” of withdrawals on his exchange, responding to the platform’s growing demands for redemption in a tweet.
Shares of Grayscale Bitcoin Trust hit an all-time high discount rate against the price of bitcoin, surpassing 50% for the first time after the U.S. Securities and Exchange Commission reiterated its reasons for denying a request.
(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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