Cryptocurrency prices rebound, Bitcoin trades above $30,000written by Bella Palmer
Ether jumped nearly 4% to $2022, dogecoin was trading higher at $0.08 and Shiba Inu rose more than 3% to $0.000012
Cryptocurrency prices today rebounded after declining in the past few sessions, with Bitcoin trading above the $30,000 level. The world's largest and most popular surged over 3% and was trading at $30,190. Though, it is down 36% so far this year, and trading far below the peak of $69,000 it hit in November 2021.
On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, jumped nearly 4% to $2022. Meanwhile, dogecoin was trading higher at $0.08 whereas Shiba Inu also rose more than 3% to $0.000012.
Other digital tokens' performance also improved as Solana, Cardano, Avalanche, Polygon, Stellar, XRP, Polkadot, Tron, Litecoin, Uniswap prices were trading with gains over the last 24 hours, however, Terra (Luna) continued to extend losses as it crashed over 5% to $0.00013.
Cryptocurrencies have been swept up in a sell-off this year in risk assets, which has picked up steam as data showed US inflation running hot, deepening investor fears about the economic impact of aggressive central bank tightening. The downturn in the crypto market which started in April has wiped billions of dollars in market value within a month.
Bitcoin, Ethereum and other altcoins were moving in tandem with the equities market. The bearish sentiment in Wall street fell over to the crypto markets as well. Just a day after US Federal Reserve Chairman Jerome Powell commented on how the 50-basis point rate hikes would continue to control inflation, markets reacted by taking a risk-off approach. A quick crypto market recovery would be unlikely if the macro-economic conditions don’t improve, said Darshan Bathija, CEO and co founder of Vauld.
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