Bitcoin's price remained above USD 41,000 Thursday on the cryptocurrency market. The largest and most popular cryptocurrency in the world rose by 0.6 percent to USD41,629. According to CoinGecko's pricing, the global crypto market's worth has increased by almost 1% in the last 24 hours to USD2.03 trillion.
Bitcoin, like risk assets, has been struggling in recent months. As the Federal Reserve began raising interest rates in response to stubbornly high inflation, it has mostly traded in a range of USD35,000 to USD45,000 this year. On the other hand, Ether, the second-largest cryptocurrency and a token linked to the Ethereum blockchain, increased by more than a percent to USD3,093. Meanwhile, the price of dogecoin was essentially unchanged at USD0.14 today, while the price of Shiba Inu dropped about a percent to USD0.000025.
Other digital tokens were uneven, with XRP, Avalanche, Solana, Stellar, and Polygon trading with tiny drops over the last 24 hours, while Polkadot, Cardano, Uniswap, Polygon, Terra, and Litecoin increased marginally.
The International Monetary Fund cautioned in a research that countries like Russia and Iran may someday employ cryptocurrency mining to escape sanctions. According to the IMF, sanctioned countries may use their non-exportable energy resources to power mining, an energy-intensive procedure for confirming cryptocurrency transactions.
On Wednesday, the US imposed additional sanctions on more than 40 individuals and businesses suspected of dodging the ongoing wave of sanctions imposed on Russia for invading Ukraine. The fines include the first batch of penalties related to the campaign against bitcoin mining companies.