• Sun. Aug 14th, 2022

Cryptocurrency prices rise today as Bitcoin, Ether, and Dogecoin rise; Polygon rallies 18%

ByHazel R. Lang

Jul 14, 2022

Cryptocurrency prices rose today with Bitcoin hovering above the $20,000 mark. The largest and most popular cryptocurrency in the world was trading at $20,290, up more than 4%. Bitcoin has struggled since hitting a high of nearly $69,000 in November.

It’s down about 60% year-to-date as the Federal Reserve raises interest rates to fight inflation, risky assets struggle and the crypto industry suffers blowouts high profile like Terra/Luna and Three Arrows Capital. The largest token was limited to nearly $20,000 for about a month.

“Bitcoin traded slightly higher on Wednesday, but the price of the token was unable to break above the $20,000 mark following the recent selloff. Despite falling below the $20,000 level, BTC rebounded on the local support level at $18,931. The bulls can hope for continued growth if the price is higher. However, BTC might take some time to make sudden moves as it has not yet built up enough strength,” said Edul Patel, CEO and co-founder of crypto investment platform Mudrex.

The global cryptocurrency market capitalization today was below $1 trillion, although it has risen more than 3% in the past 24 hours to $939 billion, according to CoinGecko.

In contrast, Ether, the coin linked to the Ethereum blockchain and the second-largest cryptocurrency, rose more than 6% to $1,115. Meanwhile, dogecoin price was trading nearly 2% higher today at $0.06 while Shiba Inu jumped more than 4% to $0.000010 today.

The performance of other crypto prices also improved today as XRP, Solana, BNB, Litecoin, Stellar, Chainlink, Tron, Apecoin, Avalanche, Polkadot, Polygon (up 18%), Uniswap, Tether were trading with gains over the past 24 hours.

Crypto lender Celsius Network has filed for Chapter 11 bankruptcy, a month after freezing customer withdrawals and joining other victims battered by a digital asset rout.

Cryptocurrency platforms are under increasing pressure as the Federal Reserve aggressively raises interest rates, hurting risk sentiment and lowering funding costs. Crypto broker Voyager Digital Ltd. filed for Chapter 11 bankruptcy earlier this month, while liquidators were called in for bankrupt crypto hedge fund Three Arrows Capital.

(With agency contributions)

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