Bitcoin inched towards the $20,000 mark, while Ethereum reclaimed $13,000 levels. Trading volume suddenly spiked, supporting gains in crypto assets.
All crypto tokens were trading higher on Friday. Uniswap is up more than 12 percent, while XRP and Shiba Inu are up 7 percent each. Bitcoin, Ethereum and Polygoon each added 4 percent.
The global cryptocurrency market capitalization was trading higher at $915.55 billion, jumping more than 3% in the last 24 hours. Total transaction volume, however, jumped more than 91 percent, nearly doubling, to $86.66 billion.
what is cooked in india
The Firozabad District Police, Uttar Pradesh, have announced an initiative that will put public complaints on a blockchain. The project is the first of its kind in India and is powered by Polygon, a scaling tool that seeks to facilitate lower-cost crypto transactions and uses the Ethereum blockchain.
The experts take
Bitcoin and other altcoins surged in the past 24 hours after the release of higher-than-expected US Consumer Price Index data, said Edul Patel, CEO and co-founder of Mudrex.
“Price action was correlated with equities, although the magnitude was not the same as buyers entered the crypto market at noon. The next few days would remain range bound on the crypto spectrum,” he added.
Either reached a ‘post-merger milestone’ this week as it went deflationary for the first time since the Ethereum blockchain switched to proof-of-stake (PoS), cryptocurrency exchange Coinbase said in a report. .
Stablecoin issuer Tether has reduced its commercial paper holdings to zero, replacing those holdings with US Treasury bills, the company announced in a blog post.
US consumer prices in September slowed from a month earlier, the Labor Department reported, but the rate of inflation was still faster than economists had forecast.
China’s central bank digital currency (CBDC) hit the milestone of US$13.9 billion worth of transactions amid a slowdown in adoption, the South China Morning Post reported, citing data from the People’s Bank of China.
Technical view of the BuyUcoin cryptocurrency exchange
Uniswap (UNI) has proven to be one of the best performing crypto assets in the last 24 hours with a massive increase of 12.30 percent. Positive news about the series B fundraising by Uniswap Labs may have piqued investor interest in the coin.
The latest fundraiser of $165 million values the company at a whopping $1.66 billion. The company will use the latest fundraising to add new products and services that will prove highly beneficial to the growth of its native token.
UNI looks like a good buy at the moment, but investors should do so based on their risk appetite. The general conditions of the crypto market seem unstable due to the high inflation figures reported by the large economies around the world.
(Disclaimer: The recommendations, suggestions, points of view and opinions given by the experts are their own. These do not represent the views of the Economic Times)