Friday, February 23, 2024

Top cryptocurrency prices today: Bitcoin gets breather; Shiba Inu, Polkadot zoom up to 7%

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New Delhi: The cryptocurrency market got a breather on Wednesday as major tokens got their mojo back. Federal Reserve chair Jerome Powell did not surprise traders in his testimony, which led to a relief rally in the crypto market.

Barring Bitcoin and the dollar-pegged USD Coin, all other nine out of top 10 digital tokens were trading higher at 8.30 am IST. BNB rose 7 per cent and Polkadot zoomed 6 per cent while XRP and Cardano added 4 per cent each. Shiba Inu, meanwhile, was up 3 per cent

The global crypto market cap was up by almost 3 per cent to $2.01 trillion mark compared to the last day. However, the total crypto market volume dropped over 13 per cent to $88.53 billion.

Bitcoin led a broad crypto recovery ahead of the US CPI release. Bitcoin and the broader crypto market have behaved strongly like a risk asset recently.

What’s cooking in India?
The government has sought opinion from senior tax advisors on whether the income earned from trading or investing in cryptocurrencies could be treated as business income as against capital gains from this year onwards, ET reported.

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Also read: Bitcoin Death Cross Is Staring Down Bulls After A Painful Retreat

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