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Bitcoin, Ether Rally As Crypto Market Witnesses Rare Mid-Week Bounce Fueled By Fed Chair Relief

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Bitcoin and the larger crypto market saw a rare rally during Tuesday (December 11) as US Federal Reserve Chairman Jerome Powell vowed to fight inflation in testimony before lawmakers, who wanted to focus on the recent surge in inflation. are hoping. Bitcoin saw a 2.94 per cent increase in value as of Tuesday and is currently at $46,177 (approximately Rs 34.13 lakh), up 0.32 per cent over the past 24 hours on Indian exchanges such as Coinswitch Kuber. Meanwhile, on global exchanges, the price of the most popular cryptocurrency rose by 0.60 percent to $42,548 (approximately Rs 31.44 lakh) in the last 24 hours.

Ether, the second-largest cryptocurrency by market capitalization, has so far debuted, down nearly 15% over the past two weeks, but Tuesday saw a strong rally for the crypto asset. The Ethereum-based cryptocurrency saw an increase of 7.06 percent throughout the day and didn’t let that dampen the momentum on Wednesday either. At the time of publication, Ether was valued at $3,503 (approximately Rs 2.59 lakh) on Coinswitch Kuber, while the value crypto on global exchanges was seen as low at $3,225 (approximately Rs 2.38 lakh), where the coin saw an increase of 3.48 per cent. in the last 24 hours.

Bitcoin and Ether are leading the pack in the rally, but most other well-known altcoins are not far behind. Gadgets 360’s cryptocurrency price tracker paints a positive picture for the market as a whole. Ripple, Cardano, Polkadot, Uniswap, Polygon and Litecoin all saw improvements in their valuations. Meanwhile, Chainlink and Tether were the only coins to see a drop in value on the market charts.

Meme coins also saw a strong jump in the mid-week. Dogecoin is currently priced at $0.17 (approximately Rs 12.34), up 5.86 percent, while the Shiba Inu is valued at $0.00003 (approximately Rs 0.00224), which is also up 3.13 percent. That said, the value of SHIB has dropped 13.8 percent in the past week, while the value of Dogecoin is down 8.7 percent.

While the crypto market has heaved a sigh of relief, the UK has increased its influence in the country’s cryptocurrency sector and launched an independent group of lawmakers intended to regulate the mature digital currency market. Dubbed the Crypto and Digital Assets Group, the group includes members of Parliament as well as the House of Lords; Its mission is to create new regulations for the digital asset industry that support innovation.

Elsewhere, the Federal Investigation Agency (FIA) of Pakistan has sent an official notice to the popular crypto exchange Binance which is being named in a major scam. The FIA ​​will investigate complaints from Binance users who allege that the crypto exchange has transferred money to them in an unrecognized third-party wallet. It is estimated that the total cost to people in this scam was around $100 million (approximately Rs 739 crore). A notice has also been sent to Binance Headquarters, located in the British Overseas Territory of the Cayman Islands, to respond.


Interested in cryptocurrency? We discuss all things Orbital with WazirX CEO Nischal Shetty and WeekendInvesting Founder Alok Jain on the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

Cryptocurrency is an unregulated digital currency, is not legal tender and is subject to market risks. The information in this article is not intended to constitute financial advice, trading advice or any other advice or a recommendation of any kind offered or endorsed by NDTV. NDTV shall not be liable for any loss arising out of any investment based on any alleged recommendation, forecast or any other information contained in the article.

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