Cryptocurrencies were trading with marginal gains today with Bitcoin rising above $33,000 level over the past 24 hours. The world’s largest cryptocurrency by market capitalization has been stuck in a range between about $30,000 and $40,000 for weeks after reaching its all-time high near $65,000. Despite bitcoin’s struggles this year, the world’s most popular cryptocurrency is up about 13% in price in 2021 (year-to-date).
As per CoinDesk data, Bitcoin was up nearly 1% to $32,791 whereas ether, the coin linked to ethereum blockchain, surged over 4%, however, it was trading below the $2,000 level at $1,992. Dogecoin, on the other hand, also gained as it was up at $0.19. Other digital coins like Cardano, XRP were trading with gains of nearly 1% over the last 24 hours.
In another news, Federal Reserve Chair Jerome Powell on Wednesday said one of the stronger arguments for the U.S. central bank to set up a digital currency is that it could undercut the need for private alternatives such as cryptocurrencies and stablecoins, reported Reuters.
Asked during a congressional hearing if having a digital currency issued by the Fed would be a more viable alternative than having multiple cryptocurrencies or stablecoins emerge in the payments system, Powell said he agreed. A stablecoin is a cryptocurrency that attempts to peg its value to a conventional currency such as the U.S. dollar.
Trading volumes at major cryptocurrency exchanges fell by more than 40% in June, research showed on Monday, with a regulatory crackdown in China and lower volatility among the factors depressing activity. Spot trading volumes fell 42.7% to $2.7 trillion, with derivative volumes down 40.7% to $3.2 trillion, London-based researcher CryptoCompare’s data showed.
Separately, cryptocurrency investment products and funds posted outflows to start the second half of the year, as cautious sentiment persisted in the midst of a summer lull, according to data from digital asset manager CoinShares.
(With inputs from agencies)
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