17 Mar , 2022 By : Kanchan Joshi
Bitcoin edged higher for a third day following reassurance from Federal Reserve Chairman Jerome Powell that the US economy was strong enough to weather tightening monetary policy. The largest cryptocurrency continued to mirror the US stock market, which swung between gains and losses in the wake of the Fed’s first interest rate increase since 2018.
The digital token was trading over 2% higher at $41,028. The world's most popular cryptocurrency is down about 11% in 2022 (year-to-date or YTD) so far. It is about 30 percent far away from its record high of near $69,000 it had hit in November last year.
On the other hand, Ether, the coin linked to the ethereum blockchain and the second-largest cryptocurrency in terms of market capitalization, also gained over 5% to $2,768. Dogecoin price surged more than 2% to $0.11 whereas Shiba Inu was trading almost nearly 3% higher at $0.000023.
The performance of other digital tokens were improed as Polygon, Litecoin, Stellar, Uniswap, Solana, Polygon, Polkadot, Cardano surged over the last 24 hours while Terra slipped plunged. Meanwhile, the global cryptocurrency market capitalisation rose even as it remained below the $2 trillion mark at $1.91 trillion, more than 4% change in the last 24 hours, as per CoinGecko.
Cryptocurrencies have been beset by the same forces that have dented other risk assets this year, including US stocks. The recent volatility in cryptocurrencies has come amid a broader market selloff amid escalating geopolitical tensions due to the ongoing Russia-Ukraine crisis. The volatility has also been driven by investors recalibrating their portfolios to account for a more aggressive Fed.
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