Bitcoin Rises Over 8%; Ether, Dogecoin, Shiba Inu Also See Substantial Surge

Cryptocurrencies gained substantially on Wednesday even as there is no sign of a let-up in the Russia-Ukraine war. World’s largest cryptocurrency Bitcoin was trading 8.2 percent higher to $41,622 at 10:30 am, according to CoinDesk data.

Bitcoin has witnessed very high volatility this year. The cryptocurrency fell below $38,000 levels earlier this week.

The global cryptocurrency market cap increased by 2.54 percent to $1.76 trillion in the past 24 hours, while the total crypto market volume decreased by 7.85 percent to $78.92 billion.

The second-largest cryptocurrency, Ether, also gained more than 7 percent to $2,719.

Meme crypto Dogecoin rose 2.5 percent to $0.12, while Shiba Inu was trading more than 4 percent higher at $0.000024. Solana, which witnessed substantial interest from the crypto traders last year, rose more than 5 percent to trade at $87.48.

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Other cryptocurrencies such as Litcoin, XRP, Chainlink, Cardano, Polygon, Stellar, Internet Computer, and Avalanche were also trading in the green.

Major cryptocurrency exchanges staying put in Russia after its invasion of Ukraine will suffer a public backlash against their business around the world, a Ukrainian government official said on Tuesday, urging the companies to change course.

US President Joe Biden is expected to sign an executive order this week on cryptocurrencies, possibly on Wednesday, a source familiar with the matter said on Monday.

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.

(Edited by : Bivekananda Biswas)

First Published: IST

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