Bitcoin price today gained to trade above $21,000 even as the world’s largest and most popular digital token was trading with cuts of nearly a per cent at $21,102. It crossed the level on Saturday, first since November 8, 2022. The price of Bitcoin was stuck in a narrow range around $16,000 to $17,000 for weeks before the latest breakout. The global cryptocurrency market cap today was up almost flat in the last 24 hours to $1.02 trillion, as per the data by CoinGecko.
“BTC is currently trading around the $21,000 mark, remaining relatively stable over the last 24 hours. It experienced a significant increase of 25% already this year, with most of the gains happening since last Tuesday when it was hovering around $17,400. This surge is likely driven by renewed investor confidence in the U.S. central bank’s ability to control inflation without harming the economy. Ether, following a similar pattern to Bitcoin, has also seen an increase in value, reaching a two-month high before falling slightly. On the other hand, MANA, the native token of the 3D virtual reality platform Decentraland, has increased by more than 16%,” said CEO and Co-founder, Edul Patel, Mudrex.
On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, also slipped slightly to $1,562. Meanwhile, dogecoin price today was also trading over 4% lower at $0.08 whereas Shiba Inu dipped over 3% at $0.0000010.
Other crypto prices’ today performance also slipped marginally as Tether, Stellar, XRP, Polkadot, Chainlink, XRP, Solana, Avalance, Polygon, Apecoin, Tron, Solana, Litecoin, Uniswap prices were trading with slight cuts over the last 24 hours.
Binance, the operator of the world’s biggest crypto exchange, will allow institutional investors to keep the collateral for leveraged positions off the platform, a move to ease concerns caused by the collapse of one-time rival FTX.
The company said that such firms will have the option instead to post collateral with Binance Custody, which will hold the assets in so-called cold storage, or wallets that are unconnected to the internet. After the trades are settled, the assets would then become unlocked and accessible to the user again.
(With inputs from agencies)
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