Cryptocurrency prices rose for a second day today, with Bitcoin trading above the $23,000 mark
Cryptocurrency prices rose for a second day today, with bitcoin trading above $23,000 and ether-related tokens leading gains, as optimism grows over a long-awaited software update to the Ethereum blockchain network.
The world’s largest and most popular cryptocurrency Bitcoin rose more than 5% to $23,868. The global cryptocurrency market capitalization crossed the $1 trillion mark today as it rose more than 4% to $1.14 trillion in the past 24 hours, according to CoinGecko.
On the other hand, Ether, a coin linked to the ethereum blockchain and the second largest cryptocurrency, gained nearly 7% to $1,714. Meanwhile, Dogecoin was trading more than 5% higher at $0.06 today, while Shiba Inu was also up more than 5% at $0.000015.
Ethereum’s transition from the current system of using miners to a more energy efficient system using staked coins is imminent. The transition to this so-called proof-of-stake system is expected in September.
This week, Ethereum developers signaled continued progress in testing the new system and are holding a series of events for potential stakers and other community members in the coming weeks. Ethereum Classic is up more than 21%.
Other cryptocurrencies also performed better today as XRP, Solana, BNB, Litecoin, Stellar, Chainlink, Apecoin, Avalanche, Polkadot, Tether, Polygon, Tron, Uniswap all traded with gains in the last 24 hours.
Meanwhile, the broader crypto market continued to benefit as traders dialed back bets on a Federal Reserve hike after a grim economic reading fueled fears of a US recession.
US banking regulators have ordered crypto firm Voyager Digital to cease and desist from “false and misleading” claims that its customers’ funds were protected by the government, Reuters reported. Voyager was one of several crypto firms that struggled with the extensive turbulence in the crypto market.
Several crypto companies have filed for bankruptcy or been forced to seek emergency capital infusions. Rising interest rates and high-profile crashes like crypto hedge fund Three Arrows Capital have hit digital tokens this year. Cryptocurrencies such as Bitcoin rose sharply in 2020 and 2021, but have fallen sharply this year.