Bitcoin above $40,000, ether, dogecoin also gain; Terra plunges 6%. Check cryptocurrency prices today

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Cryp­tocur­ren­cy prices con­tin­ued to gain today with Bit­coin trad­ing above the $40,000 lev­el. The dig­i­tal token was trad­ing over 2% high­er at $40,003. The world’s most pop­u­lar and largest cryp­tocur­ren­cy is down about 12% in 2022 (year-to-date or YTD) so far. It is about 30% far away from its record high of near $69,000 it had hit in Novem­ber last year.

On the oth­er hand, Ether, the coin linked to the ethereum blockchain and the sec­ond-largest cryp­tocur­ren­cy in terms of mar­ket cap­i­tal­iza­tion, also gained over 3% to $2,644. Doge­coin price gained mar­gin­al­ly to $0.11 where­as Shi­ba Inu was trad­ing almost flat at $0.000022.

The per­for­mance of oth­er dig­i­tal tokens were mixed as Poly­gon, Lite­coin, Stel­lar, Uniswap, Solana, Poly­gon, Polka­dot, Car­dano surged over the last 24 hours while Ter­ra slipped 6%, and XRP also plunged. Mean­while, the glob­al cryp­tocur­ren­cy mar­ket cap­i­tal­i­sa­tion rose even as it remained below the $2 tril­lion mark at $1.9 tril­lion, more than 5% change in the last 24 hours, as per CoinGecko.

Cryp­tocur­ren­cies have been beset by the same forces that have dent­ed oth­er risk assets this year, includ­ing US stocks. Investors are wor­ried about an eco­nom­ic slow­down amid ris­ing com­modi­ties prices due to the war in Ukraine.

In anoth­er news, the Indi­an gov­ern­ment said it has no plans to intro­duce cryp­tocur­ren­cy and the Reserve Bank of India (RBI) is work­ing towards a phased imple­men­ta­tion strat­e­gy for intro­duc­tion of Cen­tral Bank Dig­i­tal Cur­ren­cy (CBDC).

In a writ­ten reply, Min­is­ter of State (MoS) for Finance Pankaj Chaud­hary said, “RBI does not issue cryp­tocur­ren­cy. Tra­di­tion­al paper cur­ren­cy is a legal ten­der and is issued by RBI in terms of pro­vi­sions of RBI Act, 1994. A dig­i­tal ver­sion of tra­di­tion­al paper cur­ren­cy is called CBDC.”

(With inputs from agencies)

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