Crypto Price Today Live: Ethereum, Polygon, Solana, Avalanche gain up to 12%

New Delhi: Absorbing the aftershocks of Tesla’s decision to sell Bitcoin, the crypto market was back in the green on Friday, with the largest token – Bitcoin – reclaiming the $23,000 levels.

Going ahead, it is the US Fed action that will decide the path for this new-age asset class. The Fed is scheduled to meet next week, with the market expecting a 75 basis point rate hike.

All the top crypto tokens were trading higher during early hours on Friday. Polygon zoomed 12 per cent, whereas Avalanche and Solana gained 8 per cent. Ethereum and BNB added 5 per cent each.

The global cryptocurrency market cap was trading higher at the $1.06 trillion mark, rising more than 3 per cent in the last 24 hours. However, the total cryptocurrency trading volume plunged over 24 per cent, close to $73.18 billion.

What’s cooking in India
Crypto as a means of payment is a logical extension of fintech companies but challenges lie in its usage as an asset class and an alternative to currency, Minister of State for Electronics and IT Rajeev Chandrasekhar said.

Speaking on the sidelines of the Fintech Festival, Chandrasekhar said the whole world is grappling with the issue of crypto and has to come to an understanding on the ways and means to address it.

Expert take
In the past 24 hours, the crypto market was a bit silent as investors and traders digested the recent gains. Despite the slight drop, Bitcoin has been trading above $23,000, said Edul Patel, CEO and co-founder of Mudrex.

“If bulls can make a move, one can expect BTC to trade at the $24,000 mark soon,” he added. “The second largest cryptocurrency, Ethereum, continued on the winning streak ahead of the Merge, trading above the US$1,500 level.”

Global updates

  • KuCoin, a global leading crypto exchange, announced that it had secured a strategic investment of $10 million from Susquehanna International Group (SIG), one of the largest quantitative trading firms.

  • An old Wall Street mantra says when investors collectively feel worse and hold cash, most of the price drop has already happened. Then, selling stalls, eventually paving the way for a new bull run.

  • The US Department of Justice (DOJ) charged former Coinbase product manager Ishan Wahi, his brother Nikhil Wahi and Sameer Ramani on allegations of wire fraud and insider trading.

  • Tesla opting to sell 75 per cent of its bitcoin holdings is unlikely to have a significant impact on whether other firms will be adding crypto to their corporate treasuries.

  • Singapore-based crypto exchange Zipmex said in a Facebook post offering further details on a deposit-withdrawal pause announced earlier this week that it lent money to the troubled crypto lenders Babel Finance and Celsius.

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