Bitcoin Price Today: Top cryptocurrency prices today: Bitcoin shows strength; Solana drops 3%

New Delhi: The cryptocurrency market continued to slide, despite the recovery of Bitcoin from its lows of the day. Altcoins traded on a weak tone despite the strong volume ahead of a busy day.

With the exception of bitcoin and stablecoins pegged to the dollar, all the other seven tokens among the top 10 cryptocurrencies were trading lower at 8.30 AM ET. Gains are restricted in Bitcoin. Solana shares fell by 3 percent.

The global cryptocurrency market cap is down almost 1% to $1.96 trillion compared to the previous day. Meanwhile, the total volume of the cryptocurrency market increased by nearly 44 percent to $102.63 billion.

Bitcoin broke through the $40,000 levels on Monday, before quickly recovering. However, derivative data shows that traders lack confidence and the crypto winter is likely to last longer.

What is cooked in India?
Policy advisors and legal experts say most countries are unable to formulate a policy on virtual currencies as there are no precedents except for bans, which have been largely ineffective.

Crypto’s growing popularity has caught the attention of lawmakers because it could undermine state oversight of monetary policy, capital flows and illicit activity if left unchecked.

Global Updates
Investors’ confidence appears to have been shaken after the US Federal Reserve’s Federal Open Market Committee (FOMC) session in December.

The Monetary Policy Authority has demonstrated a commitment to reduce its balance sheet and increase interest rates in 2022. Federal Reserve Chairman Jerome Powell is scheduled to testify before the US Congress today.

El Salvador’s president, Neb Bukele, has claimed that officials will be able to use geothermal energy from one of the country’s inactive volcanoes to power the Bitcoin City project.