crypto price today: Crypto price today: Bitcoin approaches $20k; Uniswap, XRP and Shiba Inu rally up to 12%

New Delhi: Crypto-tokens were back in action on Friday after the inflation numbers, but stayed within the pre-data range. However, the digital asset market recovered from the initial cuts.

Bitcoin moved towards the $20,000 mark, while Ethereum reclaimed $13,000 levels. Trading volume has suddenly increased, supporting the rally in crypto assets.

All crypto tokens traded higher on Friday. Uniswap zoomed more than 12 percent, while XRP and Shiba Inu gained 7 percent each. Bitcoin, Ethereum and Polygoon added 4 percent each.

The global cryptocurrency market capitalization traded higher at $915.55 billion, jumping more than 3 percent in the past 24 hours. However, total trading volume jumped more than 91 percent, almost doubling, to $86.66 billion.

What is cooking in India

Police in Firozabad district, Uttar Pradesh, have announced an initiative that will put public complaints on a blockchain. The project is the first of its kind in India and is powered by Polygon, a scaling tool that wants to facilitate cheaper crypto transactions and uses the Ethereum blockchain.

Experts take

Bitcoin and other altcoins rallied in the past 24 hours following the release of the US Consumer Price Index, which was higher than expected, said Edul Patel, CEO and co-founder, Mudrex.

“The price action correlated with the stocks although the magnitude was not the same, as buyers entered the crypto market mid-day. The coming days will remain range for the crypto spectrum,” he added.

Global updates

Either reached a “post-Merge milestone” this week when it became deflationary for the first time since the Ethereum blockchain moved to proof-of-stake (PoS), crypto exchange Coinbase said in a report.

Stablecoin issuer Tether has reduced its certificate holdings to zero, replacing those holdings with US Treasury bills, the company announced in a blog post.

US consumer prices in September eased from the previous month, the Labor Department reported, but the inflation rate was still faster than economists had predicted.

China’s central bank digital currency (CBDC) reached the milestone of $13.9 billion worth of transactions amid a slowdown in uptake, the South China Morning Post reported, citing People’s Bank of China data.

Technical view of BuyUcoin cryptocurrency exchange

Uniswap (UNI) has proven to be one of the best crypto assets in the last 24 hours with a massive increase of 12.30 percent. The positive news surrounding the Series B fundraising by Uniswap labs may have sparked investors’ interest in the coin

The latest fundraising of $165 million values ​​the company at a whopping $1.66 billion. The latest fundraising will be used by the company to add new products and services that will prove highly beneficial to the growth of their original token.

UNI looks like a good buy at the moment, but investors should do so according to their risk appetite. The overall crypto market conditions look volatile due to the high inflation numbers reported by major economies around the world.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)