Bitcoin Trades Above $38,500 Levels; Ether, Dogecoin, Shiba Inu See Tiny Moves

Major cryptocurrencies surged on Tuesday even as US President Joe Biden is expected to sign an executive order on cryptocurrency this week to regulate virtual currencies as officials have raised concerns in recent weeks about Russia’s use of these currencies to evade the impact of crushing sanctions in response to its invasion of Ukraine.

Bitcoin, which is the world’s largest virtual currency in terms of market capitalisation, was trading 2.14 percent higher at $38,638.28 at 9:03 am, according to CoinDesk data.

Bitcoin market cap was at 732 billion, while the global cryptocurrency market cap increased by 1.6 percent to $1.73 trillion over the last 24 hours.

Ether, the second-largest cryptocurrency, also gained nearly 1 percent to trade at $2,540.

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Meme crypto Dogecoin fell slightly to $0.118, while Shiba Inu was trading flat at $0.000023. Solana, which witnessed substantial interest from the crypto traders last year, rose nearly 1 percent to trade at $83.82.

Other cryptocurrencies such as Litcoin, XRP, Chainlink, Cardano, Polygon, Stellar, Internet Computer, and Avalanche were also traded mix.

Meanwhile, cryptocurrency exchange Binance on Thursday said cardholders of sanctioned Russian banks would not be able to use them on their platform and confirmed that sanctioned individuals have had their access restricted.

Earlier, Ukraine said it will unveil plans for NFTs to support its armed forces, the latest move in Kyiv’s efforts to raise funds in crypto assets after Russia invaded the country last week.

Non-fungible tokens (NFTs) are a kind of crypto asset which represents a digital file such as an image, video or text. They surged in popularity in 2021, generating $25 billion of sales volume.

(Edited by : Bivekananda Biswas)

First Published: IST

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