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Crypto Price Today Live: Bitcoin marches towards $18K; Solana and Ethereum gain up to 6%


New Delhi: Crypto markets moved higher on Wednesday after a better-than-expected US inflation data.

The digital asset industry had a memorable 24 hours. However, all eyes are set on the US Fed’s move later in the evening, which will direct the crypto market in the near term.

Bitcoin marched towards $18,000 levels after a long consolidation, whereas Ethereum was above the $1,300 mark. However, gains in the majority of the altcoins were capped.

Barring the US dollar-pegged Tether, all other top crypto tokens were trading higher. Solana rallied more than 6%, whereas Ethereum and Shiba Inu were trading 4% higher each.

The global cryptocurrency market cap was trading higher around $872.32 billion, gaining almost 3% in the last 24 hours. The total trading volume jumped about 60% to $53.21 billion.

Expert take

“Bitcoin’s dominance crossed the 41% mark which indicates de-risking by a large number of investors. The latest developments at Binance may have pushed investors away from riskier assets,” said BuyUcoin Cryptocurrency Exchange.

Global updates

FTX founder and former CEO Sam Bankman-Fried will be remanded into custody after a Bahamas judge ruled he should be denied bail on Tuesday.

John Ray III, FTX’s replacement CEO now steering the company through bankruptcy, told lawmakers that misdeeds inside the crypto giant weren’t sophisticated.

Changpeng ‘CZ’ Zhao, founder and CEO of exchange giant Binance, welcomed the ‘stress test’ of withdrawals on his exchange, addressing the surging user redemption requests from the platform in a tweet.

Grayscale Bitcoin Trust shares hit a record-high discount rate relative to the price of bitcoin, pushing past 50% for the first time after the US Securities and Exchange Commission reiterated its reasons for denying an application.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)



Read More: Crypto Price Today Live: Bitcoin marches towards $18K; Solana and Ethereum gain up to 6%

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