Bitcoin, Ethereum and Dogecoin prices show slight correction

NDTV Gadgets 360 Hindi

When it comes to cryptocurrencies, the name of Bitcoin comes first in the mind. The scale of this digital coin is so great that it alone can represent a cryptomarket. But over the past few days, there has been a lot of volatility in the price of bitcoin. The cryptocurrency was trading with slight gains today as Bitcoin rose above the $33,000 level in the last 24 hours. The world’s largest cryptocurrency by market capitalization is almost stuck in the range between $30,000 and $40,000, having reached close to $65,000. Despite bitcoin’s struggle this year, the price of the world’s most popular cryptocurrency has risen by about 13% in 2021 (Y-to-date).

According to CoinDesk data, Bitcoin rose almost 1% to $32,791 (approximately Rs 24.4 lakh). While Ether rose over 4%. However, it was trading below the $2,000 level at $1,992 (about Rs 1.48 lakh). On the other hand, Dogecoin also climbed higher at $ 0.19 (about Rs 14.6). Other digital coins like Cardano, XRP were trading with a gain of around 1% in the last 24 hours.

Federal Reserve Chairman Jerome Powell said on Wednesday that one of the strong arguments for a US central bank to setup a digital currency is that it would reduce the need for private alternatives such as cryptocurrencies and stablecoins, according to another Reuters news. Can do.

Asked during a Congressional hearing whether a Fed-issued digital currency payment system would be a more viable option than the emergence of multiple cryptocurrencies or stablecoins? Powell said he agreed. A stablecoin is a cryptocurrency that attempts to set its value to a traditional currency such as the US dollar.

Trading volume on major cryptocurrency exchanges fell by more than 40% in June. Research on Monday showed that regulatory action in China and factors of depressing activity led to the decline. Data from London-based researcher CryptoCompare showed that spot trading volume fell 42.7% to $2.7 trillion. In which derivatives volume declined 40.7% to $3.2 trillion.

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