cryptocurrency prices today: Top cryptocurrency prices today: Dogecoin, Bitcoin, Ethereum zoom up to 7%

Synopsis

The crypto market is closely observing the result of the US Federal Reserve’s two-day policy meeting later in the evening. The Fed is expected to hint at an interest rate hike in March to fight inflation.

The global crypto market cap gained more than 2 per cent to the $1.67 trillion mark.

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New Delhi: The cryptocurrency market was attempting to stabilize following the recent wrath and ahead of the US Federal Reserve meeting outcome. However, the volumes remained thin despite the recent gains.

The crypto market is closely observing the result of the US Federal Reserve’s two-day policy meeting later in the evening. The Fed is expected to hint at an interest rate hike in March to fight inflation.

Barring the US dollar-pegged USD Coins, nine out of the top-10 digital tokens were trading higher during the trade on Wednesday. Bitcoin and Ethereum jumped 2 per cent each, whereas Solana and Dogecoin zoomed up to 7 per cent.
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The global crypto market cap gained more than 2 per cent to the $1.67 trillion mark. However, the total crypto market volume tanked over 33 per cent to $85.18 billion.

What’s cooking in India
Indian cryptocurrency exchanges have recorded higher trading volumes in the past few days owing to extreme volatility in the market.

Many traders and investors liquidated some of the riskier tokens and rebalanced their portfolios by moving to stable coins. They also indulged in opportunistic buying to average down their portfolios.

Wealthy individuals and family offices that bought cryptocurrencies in the last two years have started transferring them to family trusts and wallets outside India as the country drags its feet over cryptocurrency regulations, according to tax advisors.

Global updates
The executive board of the International Monetary Fund recommended that El Salvador discontinue the use of bitcoin (BTC) as legal tender in the country due to the financial risks and liabilities created.

The recommendation came in a report issued on Tuesday following bilateral discussions with El Salvador about its economy. El Salvador has been in negotiations with the IMF for a $1.3 billion loan.

ARK Investment Management, the firm led by star manager Cathie Wood, predicts that bitcoin’s price could exceed $1 million by 2030 as the cryptocurrency’s global usage is still only in its early days.

Crypto venture capital firm, Dragonfly Capital Partners, is raising $500 million for a new fund, according to a new filing. The Dragonfly Ventures III Feeder fund has a $500 million target and hasn’t accepted its first investment yet.

Streamlining the NTFs
The Blockchain-Based Service Network (BSN), China’s state-sanctioned blockchain infrastructure project, said it is releasing its platform for non-fungible tokens (NFT).

Crypto Cart: Quick Glance

(Source: coinmarketcap.com, data as of 9.00 hours, IST on January 26, 2022)

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Updated: 01/26/2022 — 03:00