Crypto Price: XRP drops; Ethereum, Shiba Inu, Dogecoin gain 1% each
Crypto tokens saw some profit booking as traders tempered bets that the Federal Reserve will raise interest rates by 100 basis points in an attempt to curb the rising prices. Higher interest rates would make riskier assets like cryptocurrencies and stocks less attractive as investments. However, the top crypto token — Bitcoin — continued to trade above the $20,000 mark. Barring XRP, all other top crypto tokens were trading higher on Friday but gains were capped. Ethereum, BNB, Dogecoin, Shiba Inu gained up to a per cent each.
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In the wake of the crypto market crash, the prices of hardware used to support the mining of crypto assets are also falling dramatically. For example, a high-end graphic card is now almost 45% cheaper compared to its price a few months ago.
View Details »The global cryptocurrency market cap was trading higher at the $927.24 billion mark, rising more than 3 per cent in the last 24 hours. Meanwhile, the total cryptocurrency trading volume gained about 3 per cent to $76.70 billion.Expert takeBitcoin has bounced off the $20,000 level after bulls pushed the coin up, said Edul Patel, CEO and co-founder of Mudrex. «Ethereum has outperformed Bitcoin by witnessing a 10 per cent rise in the past session following its Shadow Fork 9 going live ahead of the merge,» he added. «We may likely witness this trend for another 24 hours too.»Global updates
The cost to produce bitcoin (BTC) has fallen to about $13,000 from around $20,000 at the start of June as miners battle the bear market and efficiency in mining rises, according to investment bank JPMorgan. Plaid, an online platform that aggregates users’ financial information, said it is extending its reach to include accounts from Read more on economictimes.indiatimes.com
