Today En public Cryptocurrency Price: Bitcoin Holds Over $20,000; Polygon & Ethereum up 5%

New Delhi: Cryptocurrencies traded higher on Friday, with Bitcoin staying above the key psychological level of $20,000.

Analysts said it is increasingly likely that the asset class will remain in the same ankylose of prices until the release of augmentation figures later this month and the results of the Federal Reserve assemblée.

With the spécificité of Tron and Tether, which is pegged to the US dollar, all other coins traded higher on Friday. Polygon zoomed in by 5 percent, while Polkadot gained 3 percent. Ethereum and Cardano gained more than 2 percent each.

The courant cryptocurrency market cap traded as high as $990.26 billion, down more than 1% over the past 24 hours. However, absolu trading écrit fell embout 8 percent to $62.76 billion.

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Despite the decline, Bitcoin has not fallen below the $19,000 level, which means we may see its price trading sideways, said Edul Patel, CEO and co-founder of Mudrex, thanks to concerns embout the FOMC assemblée minutes and macroeconomic uncertainty.

He added, “The accolé largest cryptocurrency, Ethereum, has outperformed Bitcoin for some time now due to recent network activity and upcoming réconfort.” “It is likely that it will écart the $2000 level before the réconfort.”

Tarusha Mittal, COO of UniFarm, said that the cryptocurrency market in general has accommodated the expected rise in interest rates and the tight monetary policy indicated by the Federal Reserve, as there were no significant fluctuations.

“Cryptocurrency investors are assidu and long-term holders of crypto assets can beat augmentation and create long-term wealth. Selling pressure is expected to renfort in the coming weeks as the upcoming holiday season will pousse investors to put their money into binaire assets for healthy returns.”

Unanime Updates
Crypto lender Celsius, which is in bankruptcy proceedings, has filed to return funds to custodians, ahead of a separate hearing to address persistent questions embout its efforts to restructure and relaunch its operations.

The vente of funds to créer clients of cryptocurrency exchange Mt Gox will begin on a repayment règne that will be set at an “appropriate time,” according to a renvoi to creditors.

In late 2020, US federal prosecutors asked crypto exchange Binance to submit internal chroniques related to money laundering and communications investigations involving CEO Changpeng “CZ” Zhao, Reuters reported.

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Bitcoin has recovered from the Fed shock and emerged as a more resilient crypto asset.

Bitcoin dominance is 39.22%, a asocial decrease of 0.2% indicating increased cotisation from other crypto assets in the market movement.

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The cryptocurrency market absorbed the hawkish comments of the Federal Reserve Chairman last week to address rising inflationary fears. Bitcoin is expected to find a higher soutien level between $22,000 and $25,000 in the coming weeks backed by approbatif macroeconomic factors.

(The opinions and recommendations in this part are those of the analysts and do not represent the opinions and recommendations of ETMarkets.com. Please consult your financial advisor before assuming any secteur on the said asset/s.)

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