The price of bitcoin today increased to trade above $20,000 after falling below that level in the previous sessions as riskier assets continued to be weighed down by the US Federal Reserve’s hawkish remarks about inflation and the slowdown in the economy. The price of the biggest and most widely used cryptocurrency in the world was up around 1% at $20,333. According to CoinGecko, the global crypto market valuation climbed back above $1 trillion today after increasing by over 2% over the previous day to reach $1.04 trillion.
The second-largest cryptocurrency, Ether, which is connected to the Ethereum network, increased more than 4% to $1,595. In recent weeks, Ether had outperformed the overall cryptocurrency market thanks to anticipation surrounding the upcoming “Merge” network software upgrade.
Shiba Inu increased to $0.000012 today, while Dogecoin’s price traded slightly lower at $0.06. While Litecoin and Stellar experienced minor losses over the past 24 hours, Chainlink, Apecoin, XRP, Uniswap, Tron, Binance USD, Polygon, Solana, Polkadot, Avalanche, and Tether values saw rises today.
The last few days have been difficult for riskier assets as traders processed remarks by Fed Chair Jerome Powell, who reaffirmed that the central bank is willing to maintain monetary tightening even at the risk of an economic slump as US stocks also reported losses.
As with the rest of the world’s markets, cryptocurrency prices fell after Jerome Powell warned against hasty policy easing. The chairman of the Federal Reserve, Jerome Powell, pushed back against the notion that the Fed would soon change course, indicating that the US central bank is likely to keep hiking interest rates and leave them high for some time to stifle inflation.
In the first half of the year, cryptocurrencies had difficulty as a result of the Federal Reserve’s rate increases to combat persistently rising inflation. Several cryptocurrency organisations have slashed staff after a significant pair of tokens collapsed, and other cryptocurrency lenders have frozen customer withdrawals. Despite the fact that Bitcoin has been climbing higher over the previous few weeks, the $20,000 mark served as support for the cryptocurrency when it hit lows in recent months.
