Bitcoin Price Today: Top cryptocurrency prices today: Bitcoin shows strength; Solana drops 3%

Synopsis

The global crypto market cap was down by almost a per cent to $1.96 trillion compared with last day. The total crypto market volume, meanwhile, zoomed about 44 per cent to $102.63 billion.

Bitcoin had breached $40,000 levels on Monday, before making a quick recovery. However, the derivative data shows that traders lack confidence and crypto winter is likely to last longer.New Delhi: The cryptocurrency market continued to slide, despite Bitcoin recovering from day’s lows. Altcoins were trading on a weak note despite robust trading volumes ahead of an action packed day.

Barring Bitcoin and dollar-pegged stablecoins, all other seven out of top-10 digital tokens were trading lower at 8.30 am IST. Gains in Bitcoin were capped. Solana was down 3 per cent.

The global crypto market cap was down by almost a per cent to $1.96 trillion compared with last day. The total crypto market volume, meanwhile, zoomed about 44 per cent to $102.63 billion.
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Bitcoin had breached $40,000 levels on Monday, before making a quick recovery. However, the derivative data shows that traders lack confidence and crypto winter is likely to last longer.

What’s cooking in India?
Policy advisers and legal experts say most countries are unable to formulate a policy on virtual currencies as there are no precedents apart from bans, which have been largely ineffective.

Crypto’s growing popularity has caught lawmakers’ attention as it could undermine state oversight over monetary policy, capital flows, and illicit activity if left unchecked.

Global updates
Confidence of investors seems to be shaken following the United States Federal Reserve’s December Federal Open Market Committee session.

The monetary policy authority showed commitment to decrease its balance sheet and increase interest rates in 2022. Fed’s chair Jerome Powell is scheduled to testify before the US congress today.

El Salvador’s President Nayib Bukele has claimed officials will be able to use geothermal energy from one of the country’s inactive volcanoes to power its Bitcoin City project.


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Updated: 01/10/2022 — 23:00

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