The crypto coin reversed yesterday’s losses and was in the green. The recent volatility is due to factors such as inflation, the Ukraine crisis and the tightening of monetary policies. Barring dollar-based Tether, all major crypto tokens were trading higher during the early hours of Tuesday. Dogecoin jumped 29.56 percent. Terra is up 8 per cent, while Ethereum is up 5 per cent.
The global cryptocurrency market cap was trading at $1.86 trillion, up over 3% over the past 24 hours. However, total cryptocurrency trading volume increased by nearly 43 percent to $97.88 billion.
Sumit Khare, co-founder of BitsAir exchange, said: “Despite the pessimism in the market amid rising inflation and flamboyant remarks from the Federal Reserve, crypto tokens have gotten back some mojo following Musk’s $44 billion cash deal on Twitter. Tokens associated with Musk are rallying higher including Bitcoin and Ethereum, but Dogecoin was a standout performer. One should be wary of enthusiasm and avoid leveraged positions. This is neither the first time Musk has pushed the crypto markets up Nor will it last. Investors should be selective and avoid FOMO.”
In international news, the head of the Bank of Canada has said the Canadian dollar will remain at the center of the country’s financial system, Reuters reported. This was in response to questions about the Conservative leadership candidate’s pledge to make the country the blockchain capital of the world.
“There are promising benefits from innovation in the financial sector. Having said that, we certainly expect the Canadian dollar to remain at the heart of the Canadian financial system,” Bank of Canada Governor Tiff McCalem told a House of Commons committee. Said in testimony.
The Bank of Canada is currently working on its own central bank digital currency, a so-called digital loonie, which could be launched to take off a private digital tender as a payment system.
In the corporate corner, Abu Dhabi Global Markets (ADGM) has licensed Kraken Group to operate a regulated virtual asset exchange platform in a financial free zone, Reuters reported. Kraken is the first global virtual asset exchange group to receive a full financial license from ADGM in the United Arab Emirates.
Here are the top 10 cryptocurrencies and their prices as of April 26, 2022 (data from coinmarketcap.com)
Bitcoin is up $40,488.66 or 4.22 percent in the last 24 hours
Ethereum up $2,996.18, or 5.88 percent in the last 24 hours
Tether lost $1.00 or 0.00 percent in the last 24 hours
BNB is up $400.17 or 3.53 percent in the last 24 hours
USD coin loss of $1.00 or 0.07 percent in last 24 hours
XRP up $0.679 or 4.42 percent in the last 24 hours
Solana up $100.54, or 5.57 percent in the last 24 hours
Terra $95.23 or 7.53 percent up in last 24 hours
Cardano is up $0.8706 or 2.85 percent in the last 24 hours
Avalanche increased by $69.99 or 4.11 percent in the last 24 hours
Read all the latest news, breaking news and IPL 2022 live updates here.