Cryptocurrency Prices Today: Bitcoin, Ether Gain Slightly While Solana, Cardano Slip

Bitcoin price edged up today after falling to more than a week’s low amid investor skepticism about a looming Federal Reserve rate hike and amid tighter regulatory scrutiny of the cryptocurrency sector. The digital token has traded in the range of around $19,000 to $22,000.

The world’s largest and most popular cryptocurrency rose marginally to $21,120. The global cryptocurrency market cap broke above the $1 trillion mark today, despite being almost unchanged at $1.02 trillion over the past 24 hours, according to CoinGecko.

Soaring interest rates and high-profile meltdowns like that of crypto hedge fund Three Arrows Capital have wreaked havoc on digital tokens this year. Bitcoin is down 55% since the beginning of 2022.

The turmoil is leading to ever-increasing regulatory oversight of the industry. Coinbase Global Inc., for example, is facing a US probe into whether it allows Americans to trade digital assets that should have been registered as securities, Bloomberg reported.

On the other hand, Ether, the coin connected to the Ethereum blockchain and the second-largest cryptocurrency, gained almost a percent to $1,427. Meanwhile, today, Dogecoin price traded 0.5% higher to $0.06, while Shiba Inu is also up over a percent to $0.000011.

Other crypto prices’ performance today has been mixed as XRP, Solana, BNB, Litecoin, Stellar, Chainlink, Apecoin, Avalanche, Polkadot, Tether and Uniswap prices have traded with slight declines over the past 24 hours, while Polygon, Tron gained.

Even as the crypto sector trembles in the gloomy winter, venture capitalists are pouring money into digital currencies and blockchain startups at a pace that will surpass last year’s record.

According to data from PitchBook, VCs bet $17.5 billion on such companies in the first half of the year. That puts the investment on track to surpass a record $26.9 billion raised last year, Reuters reported.

A double whammy of macro headwinds and explosions in major projects this year has seen bitcoin plummet about 65% from its November record of $69,000. Businesses shuddered as prices fell, including major US exchange Coinbase Global and NFT platform OpenSea, which had to lay off hundreds of workers.

(With contributions from agencies)

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