Crypto

Cryptocurrency prices today: Bitcoin, ether, Shiba Inu gain while dogecoin slips

Published

2 years ago

August 31, 2022

Cryptocurrency prices today: Bitcoin, ether, Shiba Inu gain while dogecoin slips

Bitcoin worth in the present day rose to commerce above $20,000 after dipped under the extent within the earlier periods as hawkish feedback from the US Federal Reserve about inflation and the financial slowdown proceed to weigh on riskier belongings. The world’s largest and hottest cryptocurrency was buying and selling a couple of per cent larger at $20,333. The worldwide crypto market cap in the present day was again above the $1 trillion mark, because it was up over 2% within the final 24 hours at $1.04 trillion, as per CoinGecko.

Then again, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, surged greater than 4% to $1,595. Ether had been outperforming the broader crypto market in current weeks amid optimism over a pending community software program upgraded known as the Merge.

In the meantime, dogecoin worth in the present day was buying and selling marginally decrease at $0.06 whereas Shiba Inu rose to $0.000012. Different crypto costs’ in the present day efficiency additionally improved as Chainlink, Apecoin, XRP, Uniswap, Tron, Binance USD, Polygon, Solana, Polkadot, Avalanche, Tether costs had been buying and selling with positive aspects over the past 24 hours, whereas Litecoin, Stellar slipped barely.

Riskier belongings have been having a tough few days as merchants digested feedback from Fed Chair Jerome Powell, who reiterated that the central financial institution is keen to proceed financial tightening even on the danger of an financial downturn as US shares additionally posted losses.

Cryptocurrencies mirrored international markets and declined after Jerome Powell warned in opposition to prematurely loosening coverage. Powell, the Federal Reserve chairman, signaled the US central financial institution is prone to hold elevating rates of interest and depart them elevated for some time to stamp out inflation, and he pushed again in opposition to any concept that the Fed would quickly reverse course.

Cryptos have struggled by the primary half of the 12 months because the Federal Reserve hiked charges to fight stubbornly excessive inflation. Following the collapse of a significant pair of tokens, some cryptocurrency lenders froze buyer withdrawals, and several other crypto corporations have lower jobs. The $20,000 stage acted as help for Bitcoin when it hit lows in current months, though the cryptocurrency had labored its manner larger over the previous couple of weeks.

(With inputs from businesses)

Catch all of the Enterprise Information, Market Information, Breaking Information Occasions and Newest Information Updates on Dwell Mint.
Obtain The Mint Information App to get Day by day Market Updates.

Extra
Much less

Subscribe to Mint Newsletters

* Enter a legitimate e mail

* Thanks for subscribing to our publication.

First article

Click to comment

Crypto

The SEC ruling on Ethereum ETFs could mark a historic shift in crypto investing

Published

5 hours ago

June 1, 2024

Press Room

The SEC ruling on Ethereum ETFs could mark a historic shift in crypto investing

VanEck CEO Jan van Eck sees a major sentiment shift underway in the cryptocurrency market linked to the U.S. Securities and Exchange Commission’s approval of a rule change allowing for Ethereum exchange-traded funds.

“This is really one of the most amazing things that I’ve seen in my career with respect to securities regulation,” van Eck told CNBC’s “ETF Edge” this week.

VanEck was the first to apply to the SEC for permission to list its proposed Ethereum ETF. With that first hurdle cleared, VanEck can begin the process of bringing the product to market, though the exact timeline is unclear.

“There was a real risk that the SEC was going to lose any kind of jurisdiction over digital assets. So the first reaction was to get the ETF, Ethereum ETF approval green lighted,” he said. “But I think there’s a bigger narrative going on as well.”

To van Eck, the buzz around Ethereum this May means clearer regulation on the horizon and an increased investor interest in crypto. In a statement on its website, his company said that “the evidence clearly shows that ETH is a decentralized commodity, not a security.”

Van Eck said the Financial Innovation and Technology for the 21st Century Act, or FIT21, passing in the House on May 8 was another major step toward regulatory clarity for cryptocurrencies, even though he is doubtful it will make it to the Senate before the election.

Ether spiked on the SEC’s approval of applications to list Ethereum ETFs on May 23, but is virtually flat since then.

Disclaimer

Crypto

Fueled By Craze For Nvidia, South Korean Crypto Traders Embrace Risky AI-Linked Tokens By Benzinga

Published

12 hours ago

June 1, 2024

Press Room

Fueled By Craze For Nvidia, South Korean Crypto Traders Embrace Risky AI-Linked Tokens By Benzinga

Benzinga – South Korean traders are showing a growing interest in digital assets linked to artificial intelligence (AI.) This surge in interest has seen the country’s share of global trading volumes for Nvidia Corp.’s AI-linked tokens rise to 18.7% in May from a mere 0.6% in mid-2023.

What Happened: The AI tokens are typically issued by early-stage projects that aim to use blockchain technology for AI services, reported Bloomberg on Friday.

Despite the unproven utility of this combination, South Koreans are showing a strong affinity for both AI and crypto.

Approximately 10% of the South Korean population is exposed to tokens, with the majority of local trading being in volatile smaller coins, rather than the more established Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH).

Notably, Nvidia and Microsoft Corp. are the second and third most popular overseas stocks among domestic investors in South Korea this year, according to Korea Securities Depository figures.

Nvidia’s chips are integral to AI computer processing, while Microsoft is a key supporter of OpenAI and its ChatGPT tool.

See Also: ‘Dogecoin Killer’ Shiba Inu’s Burn Rate Spikes Nearly 250% As Whales Show Interest In The Memecoin

The weekly trading volumes for AI tokens have averaged $8 billion since February, a significant increase from the all-time low of $300 million in mid-2023.

However, there are concerns about the sustainability of the interest in AI-linked crypto projects, given the digital-asset sector’s history of booms and busts in coins tied to popular memes or social trends.

Why It Matters: South Korea has been a significant player in the global crypto market for some time now. As of September 2023, South Korean citizens had declared over $98 billion in foreign digital assets, leading to the country being dubbed a “crypto nation.”

The growing interest in AI-linked crypto projects is not surprising, given South Korea’s strong tech industry and the country’s ongoing fascination with cryptocurrencies.

This trend also reflects the global enthusiasm for AI and its potential applications in various sectors, driving investors to explore AI-related opportunities in the crypto space.

Meanwhile, top AI-based cryptocurrency tokens tumbled last week after AI chip giant Nvidia Corp. reported higher-than-expected earnings for the first quarter. Render, the token made gains ahead of the earnings announcement, was trading 3.79% lower. Render is know for the “most significant” ties with the tech giant

Read Next: ‘Dogecoin Killer’ Shiba Inu Spikes 5%: Trader Sees ‘SHIB Season’ And This Data Point Could Mean He’s Right

Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

Photo courtesy: Shutterstock

Read the original article on Benzinga

Crypto

48 billion yen in bitcoin cryptocurrency disappears from Japan exchange

Published

19 hours ago

May 31, 2024

Press Room

48 billion yen in bitcoin cryptocurrency disappears from Japan exchange

DMM Bitcoin Co., the operator of a Japanese cryptocurrency exchange, said Friday that digital assets worth at least 48.2 billion yen ($300 million) have disappeared for an unknown reason.

The Tokyo-based company under major IT firm DMM.com LLC said it detected the abnormality at around 1:26 p.m. the same day and suspended operations such as withdrawals of virtual currencies and the reviewing of applications for new accounts.

The amount of lost cryptocurrency is believed to be the second-largest ever in Japan, exceeded only by the 58 billion yen stolen from the Coincheck exchange in Tokyo in a similar incident in 2018.

Tokyo police will probe Friday’s case as they received an inquiry from DMM Bitcoin, according to an investigative source.

The company said it deals in around 40 kinds of cryptocurrencies. Its report for the business year to March 2023 said the number of accounts stood at some 377,000.

Related coverage:

Shiba Inu dog that inspired “doge” meme, cryptocurrency Dogecoin dies