Cryptocurrency prices showed tentative signs of recovering from last week’s rout as Bitcoin held above $20,000. The world’s largest and most popular cryptocurrency rose 0.5% and was trading at $20,466. The global cryptocurrency market cap today was below the $1 trillion, and was down about a per cent in the last 24 hours to $940 billion, as per CoinGecko.
On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, slipped over a per cent at $1,105. Meanwhile, dogecoin price today was trading more than 7% higher at $0.06 whereas Shiba Inu also jumped over 21% to $0.000010.
Other crypto prices’ today performance were mixed as Stellar, Uniswap, XRP, Tether, Solana, Polygon, Terra Luna Classic, Litecoin, BNB and Tron prices were trading with gains over the last 24 hours, whereas Cardano, Polkadot, Chainlink, Avalanche slipped.
Crypto mining company Bitfarms Ltd. has made an about-face on its holding strategy and sold 3,000 Bitcoin for $62 million over the past week to boost its liquidity amid the record-breaking bear market, reported Bloomberg.Â
It’s one of the first self-proclaimed Bitcoin hoarding miners to turn away from accumulating mined coins. The Toronto-based company is the latest of the public mining companies that have had to sell their crypto assets to stay afloat.
Many Bitcoin investors have been selling in this environment as prices continued to drop over the past few months. The coin over the weekend fell to around $17,700, the lowest level since the end of 2020. Overall, digital-asset investment products saw outflows of around $39 million last week, with total assets under management now at their lowest since February 2021, according to data compiled by CoinShares.
Digital assets have been selling off all year along with other risky holdings as global central banks have shifted to hiking interest rates to quell soaring inflation.
Developments like lender Celsius freezing withdrawals and decentralized-finance applications taking unprecedented measures to protect themselves against cascading liquidations have injected further uncertainty into the industry.
Embattled crypto lending platform Celsius Network Ltd. said Monday it needs more time to stabilize its liquidity and operations after freezing deposits earlier in June.
(With inputs from agencies)
