Bitcoin, Ether Rally as Crypto Market Witnesses Rare Mid-Week Bounce Fuelled by Fed Chair Relief

Bitcoin and the larger crypto market saw a rare rally until Tuesday (December 11) as US Federal Reserve Chairman Jerome Powell pledged to fight inflation in testimony to lawmakers who are expected to focus on the recent spike in inflation. Bitcoin has seen a 2.94 percent rise in value as of Tuesday and is currently $46,177 (about Rs 34.13 lakh), up 0.32 percent in the past 24 hours on Indian exchanges such as CoinSwitch Kuber. Meanwhile, on global exchanges, the price of the most popular cryptocurrency is $42,548 (approximately Rs 31.44 lakh), up 0.60 percent over the past 24 hours.

Ether, the second largest cryptocurrency by market cap, has had a strong start to the year so far, dropping nearly 15 percent over the past two weeks, but Tuesday saw a strong rally for the crypto asset. The Ethereum-based cryptocurrency saw a 7.06 percent gain on the day and didn’t let the momentum slip until Wednesday either. At press time, Ether is valued at $3,503 (about Rs 2.59 lakh) on CoinSwitch Kuber while values ​​on global exchanges see the cryptocurrency fixed at $3,225 (about Rs 2.38), with the coin seeing a 3.48 percent rise in the 24 hours. past.

Bitcoin and Ether lead the pack on the rise, but most other well-known digital currencies are not far behind. Gadgets 360 crypto price tracker reveals a positive picture of the entire market. Ripple, Cardano, Polkadot, Uniswab, Polygon and Litecoin all saw improvements in valuation. Meanwhile, Chainlink and Tether were the only coins to see a drop in value across the market chart.

The meme coins also saw a strong midweek rally as well. Dogecoin is currently valued at $0.17 (~Rs 12.34), up 5.86 percent, while Shiba Inu is valued at $0.00003 (~Rs 0.00224), also up 3.13 percent. However, the value of SHIB fell 13.8 percent in the past week, while the value of Dogecoin fell 8.7 percent.

While the cryptocurrency market breathes a sigh of relief, the United Kingdom has cemented its influence in the country’s crypto sector with the launch of an independent group of lawmakers intent on regulating the 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 caused them to transfer funds to unfamiliar external wallets. It is estimated that the scam cost people a total of around $100 million (about Rs 739 crore). A notice has also been sent to the Binance headquarters located in the British territory of the Cayman Islands for answers.


Are you interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and anywhere you get your podcast.

Cryptocurrency is an unregulated digital currency that 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 NDTV. NDTV 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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