Cryptocurrency prices surge today as Bitcoin, ether, dogecoin gain. Check latest rates here

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Bit­coin on Thurs­day went up by 2.3% remain­ing above the $42,000 lev­el, as per CoinGecko. The dig­i­tal token was trad­ing almost flat at $42,837. How­ev­er, the world’s largest and most pop­u­lar cryp­tocur­ren­cy is down about 8% in 2022 (year-to-date or YTD) so far as it is about 30% below its record high of near $69,000 that it had hit in Novem­ber last year.

Addi­tion­al­ly, the glob­al cryp­tocur­ren­cy mar­ket cap today is $2.03 tril­lion, a 1.4% change in the last 24 hours. With the total cryp­tocur­ren­cy trad­ing vol­ume at $98.3 bil­lion. This comes at a time when the Bit­coin dom­i­nance is at 40% and Ethereum dom­i­nance is at 17.9%. Doge­coin gained a whop­ping 11.8% in the last 24 hours at $0.135805, while Shi­ba Inu gained 6.2% at $0.00002464. 

Mean­while, the US Fed­er­al Reserve Chair Jerome Pow­ell said new forms of dig­i­tal mon­ey such as cryp­tocur­ren­cies and sta­ble-coins present risks to the U.S. finan­cial sys­tem and will require new rules to pro­tect con­sumers, accord­ing to AP report.

Pow­ell, speak­ing Wednes­day on a pan­el orga­nized by the Bank for Inter­na­tion­al Set­tle­ments, a glob­al orga­ni­za­tion of cen­tral bankers, also said that new tech­nolo­gies will like­ly make elec­tron­ic pay­ments cheap­er and faster. But they could also desta­bi­lize exist­ing finan­cial insti­tu­tions, he said.

In his remarks, Pow­ell out­lined sev­er­al risks that stem from the growth of dig­i­tal finance, includ­ing to con­sumers and the broad­er finan­cial sys­tem. The Fed is also try­ing to fig­ure out how dig­i­tal assets like Bit­coin might impact finan­cial mar­kets, par­tic­u­lar­ly dur­ing down­turns or mar­ket crashes.

Pow­ell also not­ed that cryp­to assets have been used for “illic­it activ­i­ty,” such as mon­ey laun­der­ing, and “we need to pre­vent this so that the inno­va­tions that do sur­vive and do attract broad adop­tion are those that pro­vide val­ue over time” for legal uses.

Pow­ell said the Fed has “long sup­port­ed respon­si­ble inno­va­tion,” though he added that it is dif­fi­cult to tell which inno­va­tions “will have last­ing effects and those that will turn out most­ly to be hype.” “And it’s nev­er pos­si­ble in real time to be sure which is which,” he said.

(With inputs from agencies)

 

 

 

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