Cryptocurrencies prices today surged after a softer-than-expected inflation report, with Ethereum leading the pack. The world’s largest and most popular cryptocurrency Bitcoin was trading over 7% higher at $24,348. The global crypto market cap today was above the $1 trillion mark, as it was up over 7% in the last 24 hours at $1.21 trillion, as per CoinGecko.
On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, rose nearly 13% to $1,882. Meanwhile, dogecoin price today was trading more than 7% higher at $0.07 whereas Shiba Inu also gained about 4% to $0.000012.
Ether jumped amid optimism over what is being touted as the final test before the much-anticipated software upgrade of the Ethereum blockchain network, which will transition its verification protocol from Proof of Work to Proof of Stake, is nearing after years of delays. In proof-of-stake, validators use their stacks of Ether to order transactions on the network. Currently, powerful computers solve complex puzzles to accomplish the same task using more energy.
Other crypto prices’ today performance also improved as XRP, Solana, BNB, Litecoin, Chainlink, Tether, Polkadot, Tron, Avalanche, Stellar, Apecoin, Uniswap, Polygon prices were trading with gains over the last 24 hours.
“There was an almost 40% jump in trading volumes signalling increased participation from the bulls in reviving the market. However, for the publicly listed crypto exchange, Coinbase, things turned out to be a little gloomy. The exchange posted a massive loss of over a billion dollars. It can be attributed to the massive uncertainty looming over the crypto market for the past few months. With the Ethereum ‘Merge’ expected soon, the coming few months will likely be an interesting period for the crypto market,” said Edul Patel, CEO and Co-founder, Mudrex.
Coinbase Global Inc. said it’s being probed by the US Securities and Exchange Commission over its staking programs, which allow users to earn rewards for holding certain cryptocurrencies.
The company “has received investigative subpoenas and requests from the SEC for documents and information about certain customer programs, operations and existing and intended future products,” according to a quarterly regulatory filing.
(With inputs from agencies)
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