Cryptocurrency prices bitcoin gets breathtaking, Shiba Inu, Polkadot

in hive-175254 •  5 months ago 

The cryptocurrency market gained momentum on Wednesday as major tokens discovered their mojo. Federal Reserve Chairman Jerome Powell did not surprise traders with his testimony, which led to a crypto market help round.

With the exception of Bitcoin and the USD Coin denominated in dollars, all nine of the other 10 digital tokens traded higher at 8.30 am IST. BNB was up 7 percent and Polkadot was up 6 percent while XRP and Cardano added 4 percent each. Shiba Inu, on the other hand, has increased by 3 percent.

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The global crypto market has risen by almost 3 percent to $ 2.01 trillion compared to the last day. However, the total market share of crypto has dropped by more than 13 percent to $ 88.53 billion.

Bitcoin led to a comprehensive crypto recovery before the release of US CPI. Bitcoin and the broader crypto market have been firmly established as a dangerous asset recently.


Buyers are quick to take the opportunity to depreciate Bitcoin below $ 39,650, but there are indications that the global market downturn has not yet taken place, says the WazirX Trade Desk.

"Bitcoin has dropped below $ 40,000 for the first time since September 2021. Crypto markets are not the only ones to see huge sales as traders have decided to reduce risk by accumulating Treasury's 10-year yield," he added.

Quant researcher Benjamin Cowen has given investors some comfort when he says levels of ‘extreme fear’ in the Crypto Fear & Greed Index have only occurred four times since 2018, with a positive reversal.

"This means that the bull and bear market has an elastic eflect, where the market goes down very strongly and when it returns it offers significant benefits. We should see major adjustments in the market soon," he added.
Global updates

The largest US Coinbase will give its employees one week per quarter in 2022 to re-charge after 'days and weeks' of hard work.

Microsoft and Apple employees jumped into the boat to join Meta Platforms as the company monitored the formation of Metaverse.

The brokerage firm eToro has launched MetaverseLife, a smart new portfolio that combines stocks and crypto assets from the growing metaverse industry. It stated that its purpose was to represent a larger investment for a long-term vision.

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CC: @crypto.piotr @project.hope @lanzjoseg @josevas217 @achim03

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