Bitcoin tops $24,000; Ethereum, Polkadot rally up to 12%

New Delhi: Cryptocurrencies witnessed strong up moves on Thursday morning as the fall in inflation in the US raised the appetite for risky assets globally.

There is growing confidence that if the next inflation print on September 13 confirms the softening pricing pressure trend, the US central bank may consider a smaller pace of tightening, analysts said.

Bitcoin, the largest cryptocurrency by market capitalisation, climbed 6.06 per cent to $24,260 in the last 24 hours, taking its seven-day gains to 4.86 per cent.

Ethereum soared 11.88 per cent to $1874.50. This crypto has jumped 13.5 per cent in the last seven sessions. BNB rose 4.88 per cent to $330.69.

Cardano and XRP added 6.6 per cent and 5 per cent, respectively. Polkadot rallied 10.32 per cent to $9.49. Solana advanced 8.69 per cent to $42.76.

The global cryptocurrency market cap was trading higher at the $1.15 trillion mark, rising as much as 6.49 per cent in the last 24 hours. The total trading volume climbed almost 29 per cent, close to $87.71 billion.

What’s cooking in India
Over seven per cent of India’s population owns digital currency, according to the UN, which said that the use of cryptocurrency rose globally at an unprecedented rate during the COVID-19 pandemic, PTI reported. The UN trade and development body UNCTAD said that in 2021, developing countries accounted for 15 of the top 20 economies when it comes to the share of the population that owns cryptocurrencies.

Global updates

Coinbase has reported a massive loss in both revenue and profit in the June quarter — logging $1.1 billion in net loss as revenue declined from $2.033 billion to $803 million from a year-ago quarter which is a sharp drop of nearly 60 per cent. In quarterly terms, net revenue of Coinbase was down 31 per cent compared to Q1, driven by lower trading volume.

Binance is seeing a surge in clients due to rising inflation and a historically strong dollar that has depressed emerging market currencies, an executive told Reuters on Wednesday, without disclosing numbers.

San Francisco-based blockchain payments company Ripple Labs Inc, which is embroiled in a high-profile battle with the US securities regulator, is interested in potentially purchasing assets of bankrupt crypto lender Celsius Network, according to a company spokesperson. “We are interested in learning about Celsius and its assets, and whether any could be relevant to our business,” the spokesperson said, declining to say if Ripple was interested in acquiring Celsius outright.

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

Be the first to comment

Leave a Reply

Your email address will not be published.