Bitcoin, Ether Gain, Solana, Avalanche Surge Over 8%; Know Rates
After a sharp selloff in the last couple of days, the cryptocurrency market found some buyers near major support levels. However, traders are still on tenterhooks over Russia and Ukraine crisis. The world’s most popular cryptocurrency was up over 4 per cent at $43,568.39, according to coinmarketcap.com Bitcoin is down about 6 per cent in 2022 (year-to-date or YTD) so far. Bitcoin is down about 35 per cent since it peaked at almost $69,000 in November last year as risk aversion grows with the Federal Reserve and other global central banks starting to tighten financial conditions and remove pandemic-era liquidity from the system.
On the other hand, Ether, the coin linked to the ethereum blockchain and the second-largest cryptocurrency in terms of market capitalization, also declined 5.57 per cent to $3,015.28. Similarly, Binance Coin dipped about 2 per cent to $413.
Edul Patel, CEO and Co-founder, Mudrex, said: “The recent volatility may be due to a broader market selloff. The fear over a hawkish Federal Reserve is why the market juggling between high and lows. On the other side, the tensions in Ukraine could also spark general market moves in the coming weeks.”
Hackers stole $21 million in Bitcoin and $15 million in Ethereum from retirement accounts held with IRA Financial Trust on February 8, according to a report from Bloomberg based on an anonymous source. FinTech startup Gemini, which manages these individual retirement accounts in non-traditional assets, has been dealing with allegations of a major hack for nearly a week.
IRAs, or individual retirement accounts, are tax-advantaged savings instruments for U.S. workers, who can deduct their contributions from their income. For instance, if you make $60,000 but contribute $5,000 to an IRA, you’re only taxed on $55,000; you only pay taxes once you withdraw funds. IRAs allow for investments in stocks, bonds and mutual funds, but not cryptocurrencies. However, Self-directed IRAs, like the kind IRA Financial Trust offers, do.
Coinbase chief marketing officer Kate Rouch, in a recent blogpost revealed that more than 20 million people tried to access Coinbase within a minute during the super bowl night as a result of the ad. That’s more than six times higher than any previous load that Coinbase had dealt with.
Notably, the cryptocurrency exchange opted to use its 60-second window to simply display a QR code, which slowly bounced around the black backdrop much like an old DVD player screen saver. Scanning the QR code brought you to Coinbase’s site, where new users could get $15 in free Bitcoin, while existing users could sign up for a $3 million sweepstakes.
Here are the top 10 cryptocurrencies and their prices on February 11, 2022 (data from coinmarketcap.com at the time of publishing this article)
Bitcoin $43,568.39 or 4.07 per cent gain in the last 24 hours
Ethereum $3,015.28 or 5.53 per cent gain in the last 24 hours
Cardano $1.07 or 4.47 per cent gain in the last 24 hours
Tether $1.00 or 0.00 per cent gain in the last 24 hours
Terra $54.96 or 4.35 per cent gain in the last 24 hours
XRP $0.8214 or 4.22 per cent gain in the last 24 hours
Solana $100.63 or 8.17 per cent gain in the last 24 hours
Avalanche $84.21 or 8.37 per cent gain in the last 24 hours
Binance $1.00 or 0.04 per cent gain in the last 24 hours
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