Bitcoin topped the $23,000 mark, whereas Ethereum cooled down a bit after a super strong rally. The merge in Ethereum will shift the protocol from its energy-sapping proof-of-work model to a more environmentally friendly proof-of-stake one.
All the top crypto tokens were trading higher on Wednesday. Cardano surged about 10 per cent, whereas Avalanche rallied over 8 per cent. Bitcoin and Shiba Inu gained over 6 per cent, whereas XRP added 4 per cent.
The global cryptocurrency market cap was trading higher at the $1.12 trillion mark, rising about 5 per cent in the last 24 hours. However, the total cryptocurrency trading volume jumped close to $129 billion.
What’s cooking in India
India’s biggest crypto exchanges are meeting in Bengaluru, the tech capital of India, to recalibrate their plans for the industry, according to multiple sources.
This comes after the Blockchain and Crypto Assets Council (BACC), the advocacy body that represented the industry, was disbanded last week by its parent, the Internet and Mobile Association of India (IAMAI).
Expert take
“Bitcoin seems to be in a slight uptrend, said WazirX Trade Desk.
“PolyDoge token is now supported on the popular cryptocurrency e-commerce platform for shopping. This implies that PolyDoge can now be used to purchase goods from well-known retailers such as Amazon, eBay and Walmart. Non-fungible tokens (NFTs) will continue growing ‘significantly,” it added.
Global updates
Ravi Menon, managing director of the Monetary Authority of Singapore, says troubled crypto firms reported by the media as being based in Singapore are not fully regulated in the country.
The US Justice Department has seized about $500,000 in ransom payments and cryptos from North Korean government-backed hackers, US Deputy Attorney General Lisa Monaco said in a speech at Fordham University.
Yuga Labs, the development studio behind popular non-fungible tokens collections such as the Bored Apes Yacht Club, warned in a tweet of a group of attackers targeting the NFT community.
Tech view by BuyUcoin Cryptocurrency Exchange
Bitcoin breaches the $23k mark for the first time since Mid-June. In an impressive performance, Bitcoin surged by over 21 per cent in the past seven days owing to the favorable macroeconomic conditions surrounding the crypto market.
ET CONTRIBUTORSThe overall crypto market cap is above the $1 trillion mark once again with Bitcoin and Ether taking the lead. The current uptrend in the Bitcoin price may continue if Bitcoin finds strong support at the $23,000 level.
The sellers have taken a step back at the moment and bulls are expected to dominate the market in the coming weeks. Investors should exercise caution and look for a phase of sustained momentum.
(Views and recommendations given in this section are the analysts’ own and do not represent those of ETMarkets.com. Please consult your financial adviser before taking any position in the asset/s mentioned.)
