Crypto price today: Bitcoin hits $19K; XRP, Solana, Polygon gain up to 9%
The US Commerce Department’s report confirming that the world’s largest economy was in recession by the traditional definition of two consecutive quarters of negative gross domestic product hit sentiment on Wall Street.
Top crypto tokens traded mixed on Friday. Ethereum and Bitcoin fell marginally, while XRP rose 9 percent. Polkadot increased by over 4 percent, followed by a 2 percent increase in Polygon and Solana.
The global cryptocurrency market cap traded marginally higher at $942.84 billion, rising less than one percent in the past 24 hours. However, total trading volume fell a whopping 16 percent, close to $69.93 billion.
What is cooking in India
The Enforcement Directorate (ED) has frozen Rs 21.14 crore of online currency trading app OctaFX and related entities in various bank accounts after conducting searches at their premises over allegations that the private firm’s activities were in violation of the Foreign Exchange Management Act (FEMA).
A large part of the defrauded amount was used to buy cryptocurrencies and assets through M/s Zanmai Labs, the parent company of crypto exchange WazirX, the agency said.
Expert roofing
Bitcoin showed signs of recovery on Thursday by trading higher after a broad sell-off, said Edul Patel, CEO and co-founder, Mudrex. However, it has failed to stay above the $20,000 level in the last two attempts.
Volatility has increased in recent weeks, with market participants reacting to rising inflation and swings in the US dollar, he added.
Tarusha Mittal, COO, and co-founder, UniFarm said the total crypto market capitalization remained below $1 trillion as most crypto assets, including Bitcoin and Ether, remained unchanged during the day’s trading.
Global updates
Small retail payments in sub-Saharan Africa are driving exceptional crypto adoption and use, with the region making the world’s highest share of crypto retail payments of less than $1,000, according to Chainalysis.
Crypto exchange Bittrex, custodian BitGo and six other firms have joined the Crypto Market Integrity Coalition, a self-regulatory organization that aims to combat crypto market manipulation.
WonderFi Technologies plans to offer stock trading for clients through one of its crypto trading platforms, Bitbuy. It will offer fractional trading and investments in thousands of US stocks, exchange-traded securities and ETFs.
Cryptocurrency exchange Binance said customers can now join a mining pool for ETHW, the forked version of Ethereum that retains the blockchain’s original proof-of-work support.
Technical view of BuyUcoin cryptocurrency exchange
MATIC, the original token of the polygon network, has seen a jump of over 4% in the last 24 hours. Polygon is built on top of the Ethereum network and the success of the merger has raised hopes for networks similar to Polygon.
A CONTRIBUTOR
Investors are looking at Polygon with a lot of positivity, and MATIC is one of the very few coins going against the bear in the current crypto market.
The basis for MATIC looks very strong and the price momentum could continue if macroeconomic factors around the financial markets show signs of improvement.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
