Bitcoin prices have risen above USD43,000 today, after trading below USD39,000 in the previous session. The most popular and largest cryptocurrency in the world increased by more than 13 percent to USD43,190. Meanwhile, according to CoinGecko, the worldwide cryptocurrency market capitalization has recovered over USD2 trillion, up more than 10 percent in the last 24 hours. Similarly, Ether, the second-largest cryptocurrency by market value and tied to the Ethereum blockchain, increased by almost 10 percent to USD2,912. Dogecoin, on the other hand, was up about 7 percent to USD0.13, while Shiba Inu was up more than 8 percent to USD0.000026.
Other digital tokens' performance improved as well, with Terra increasing over 20 percent and Solana, XRP, Avalanche, Stellar, Polygon, Litecoin, Cardano, Polkadot, Terra prices all rising between 6 and 18 percent in the last 24 hours.
Bitcoin's wild swings in recent weeks of growing international tensions have weakened the idea that cryptocurrencies may be used as a safety net in times of crisis. The digital currency is currently down approximately 6 percent in 2022 (year-to-date), but it is still more than 30 percent off its all-time high of near USD69,000, which it reached in November 2021.
The recent volatility in cryptos has coincided with a broader market selloff, as investors rebalance their portfolios in anticipation of a more aggressive Fed, which is now forecast to hike rates seven times this year to combat rising inflation.
Metal company share surge on Russia-Ukraine war, Nifty metal index up 5pc
As crude oil prices rise, rupee falls to 75.35 Vs US dollar.
