Crptocurrency prices today: Bitcoin jumps above $41,000; Ether advances
Premium- Crptocurrency prices today: Bitcoin, the largest cryptocurrency by market value jumped as much as 5.7% to $41,691 before paring its gains
Bitcoin briefly spiked above $41,000 for the first time in a week, bringing the cryptocurrency out of its recent narrow trading range, as risk assets rebounded worldwide.
The largest digital asset by market value jumped as much as 5.7% to $41,691 before paring its gains in early New York trading. It is down about 12% this year. Other tokens such as Ether and Solana also got a lift. Stocks rose, with Chinese equities rallying on a pledge by Beijing for policies to boost financial markets.
On the other hand, Ether, the coin linked to the ethereum blockchain and the second-largest cryptocurrency in terms of market capitalization, also gained over 5% to $2,705. Dogecoin price gained over 2% to $0.114854 whereas Shiba Inu was also up 2.4% at $0.00002211.
Meanwhile, the global cryptocurrency market capitalisation rose even as it remained below the $2 trillion mark at $1.87 trillion, 4.4% higher in the last 24 hours, as per CoinGecko.
Cryptocurrencies have been beset by the same forces that have dented other risk assets this year, including US stocks. Investors are worried about an economic slowdown amid rising commodities prices due to the war in Ukraine.
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In another news, the Indian government said it has no plans to introduce cryptocurrency and the Reserve Bank of India (RBI) is working towards a phased implementation strategy for introduction of Central Bank Digital Currency (CBDC).
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