Crypto currencies trade marginally higher

Bitcoin was nearly 1% higher at $32,791, while ether soared more than 4%, according to CoinDesk

Crypto currencies were marginally higher today as Bitcoin rose above $33,000 level over the past 24 hours. The world's largest crypto currency by market capitalization has been stuck between $30,000 and $40,000 for weeks after hitting its all-time high near $65,000 earlier this year. Despite the struggles this year, the world's most popular crypto currency is nearly 13% higher in price in 2021 year-to-date (YTD).

As per CoinDesk, Bitcoin was nearly 1% higher at $32,791 whereas ether, the coin linked to ethereum blockchain, soared more than 4%. However, it was trading below the $2,000 level at $1,992. On the other hand, Dogecoin also advanced as it rose $0.19. Similarly, other digital coins such as Cardano and XRP also advanced, adding nearly 1% over the last 24 hours.

Meanwhile, Federal Reserve Chair Jerome Powell on Wednesday said one of the stronger arguments for the U.S. central bank to set up a digital currency is that it could undercut the need for private alternatives such as crypto currencies and stablecoins, reported Reuters.

Asked during a congressional hearing if having a digital currency issued by the Fed would be a more viable alternative than having multiple crypto currencies or stablecoins emerge in the payments system, Powell said he agreed. A stablecoin is a crypto currency that attempts to peg its value to a conventional currency such as the U.S. dollar.

Trading volumes at major crypto currency exchanges dropped more than 40% in June, research showed on Monday, with a regulatory crackdown in China and lower volatility among the factors depressing activity. Spot trading volumes dropped 42.7% to $2.7 trillion, with derivative volumes 40.7% lower at $3.2 trillion, according to data from London-based researcher CryptoCompare.

According to data from digital asset manager CoinShares, crypto currency investment products and funds posted outflows to start the second half of the year, as cautious sentiment persisted in the midst of a summer lull.