Bitcoin and the broader crypto market saw a rare recovery until Tuesday, December 11, as US Federal Reserve Chairman Jerome Powell pledged to fight inflation during his testimony before lawmakers who should focus on the recent spike in inflation. Bitcoin has seen a 2.94% increase in value as of Tuesday and is currently at $46,177 (approximately Rs 34.13 lakh), up 0.32% in the last 24 hours on Indian exchanges such as CoinSwitch Kuber. Meanwhile, on global exchanges, the price of the most popular cryptocurrency reached $42,548 (about Rs 31.44 lakh), up 0.60% in the last 24 hours.
Ether, the second largest cryptocurrency by market capitalization, has had a strong start to the year so far, losing nearly 15% in the past two weeks, but Tuesday saw a strong rally in crypto assets. The Ethereum-based cryptocurrency is up 7.06% on the day, and it also didn’t let the momentum fade until Wednesday. At press time, Ether is valued at $3,503 (around Rs 2.59 lakh) on CoinSwitch Kuber while values on global exchanges are seeing the crypto drop to $3,225 (around Rs 2.38), with the coin seeing an increase of Rs 3.48. %. during the past 24 hours.
Bitcoin and Ether lead the pack on the rise, but most other well-known digital currencies are not far behind. Gadgets 360 cryptocurrency price tracker reveals a positive picture of the market as a whole. Ripple, Cardano, Polkadot, Uniswap, Polygon and Litecoin have all seen their ratings improve. Meanwhile, Chainlink and Tether were the only coins to see a drop in value on the market charts.
Meme coins also saw a big spike in the middle of the week. Dogecoin is currently valued at $0.17 (around Rs 12.34), up 5.86%, while Shiba Inu is valued at $0.00003 (around Rs 0.00224), up 3.13%. %. However, the value of SHIB fell by 13.8% last week, while the value of Dogecoin fell by 8.7%.
As the cryptocurrency market breathes a sigh of relief, the United Kingdom has cemented its influence in the country’s crypto sector by launching an independent group of lawmakers intent on regulating the fully mature cryptocurrency market. The group, called the Digital and Digital Asset Group, includes members of Parliament as well as the House of Lords; Its mission is to craft new rules for the digital asset industry that support innovation.
Elsewhere, Pakistan’s Federal Investigation Agency (FIA) has sent a formal notice to popular crypto exchange Binance, which has been named in a major scam. The FIA will investigate complaints from Binance users who claim that the crypto exchange made them transfer funds to unknown third-party wallets. It is estimated that the scam cost people a total of around $100 million (about Rs 739 crore). A notice was also sent to the headquarters of Binance in the British Overseas Territory of the Cayman Islands for a response.
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Cryptocurrency is an unregulated digital currency, which is not legal tender and is subject to market risk. The information in the article is not intended to be and does not constitute financial advice, business advice or any other advice or recommendation of any kind provided or approved by The Bharat Express News. Bharat Express News will not be liable for any loss arising from any investment based on any recommendation, forecast or any other information contained in the article.
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