Crypto Market Update: Bitcoin Flat as Ether Soars, Equities Slip Amid Fed Talk
The cryptocurrency market saw a mix of activity as Bitcoin maintained its position near $23,000 while Ethereum made gains. The Sandbox token received a boost from rumors of a potential metaverse partnership with Saudi Arabia. Meanwhile, traditional equities were underperforming. According to TradingView, Bitcoin was trading at around $22,900, experiencing a slight dip of 0.2% over the past 24 hours. Despite the minor decrease, Bitcoin had shown some momentum on Tuesday ahead of Federal Reserve Chairman Jerome Powell’s conversation with David Rubenstein of the Carlyle Group. Ethereum experienced a more substantial increase, rising 2% to trade above $1,660. Other major cryptocurrencies also saw varying levels of growth, with Binance Coin (BNB) remaining flat, Ripple’s XRP rising by 1.2%, Solana (SOL) jumping 2%, and Polygon (MATIC) skyrocketing almost 6% to trade above $1.30. However, some publicly traded companies in the crypto space experienced a downturn. Coinbase shares slipped 2% to trade around $70, according to Nasdaq data. Silvergate also saw a decrease of 2.4% to $18, while Jack Dorsey’s Block fell 1% to trade just above $83. MicroStrategy also took a hit, dropping over 2.6% to $276.50.