Cryptocurrency prices surged on Friday, with Bitcoin, the world’s largest virtual currency in terms of market capitalization, rising over 1 percent.
The crypto has breached the $37,000 level today after it fell below the level on Thursday amid expectations of tightening monetary policy in the US.
Bitcoin, which had hit an all-time high of near $69,000 in November 2021, was trading 1.57 percent up at $37,601.26 at 11:02 am on the crypto exchange CoinDesk.
According to CoinGecko data, cryptocurrency market capitalisation surged more than 1 percent to $1.8 trillion today. However, Bitcoin price is down 19 percent in 2022 (year-to-date).
Second-largest cryptocurrency Ether, which is linked to ethereum blockchain, also rose 3.89 percent to $2,767.03, as per CoinDesk.
Solana, which witnessed substantial interest from the crypto traders last year, surged nearly 6 percent to trade at $104.89.
Also Read:
Meme cryptocurrency Dogecoin also rose 0.31 percent to $0.14, while Shiba Inu, which has fallen constantly since October 28, was trading more than 1 percent higher at $0.000021.
Other cryptocurrencies such as Litcoin, Cosmos, Stellar, XRP, Chainlink, Avalanche, Cardano, Polygon, Terra, were also trading in the green over the past 24 hours.
The cryptocurrency arm of Jump Trading said on Thursday that it had restored more than $320 million to crypto platform Wormhole after the decentralized finance site was hit with one of the largest crypto heists on record.
Meanwhile, finance minister Nirmala Sitharaman in the Union Budget announced a 30 percent tax on the returns from trading or investing in cryptocurrencies or other digital assets such as NFTs.
Finance Secretary TV Somanathan on Wednesday said India’s digital currency will be backed by the Reserve Bank of India (RBI), and cryptos will never become a legal tender.
“Digital currency will be backed by RBI which will never be default. Money will be of RBI but the nature will be digital. Digital rupee issued by RBI will be a legal tender. Rest all aren’t legal tender,will not,will never become legal tender: Finance Secy TV Somanathan,” ANI tweeted.
