Cryptocurrency markets experienced a slight increase in trading on Friday due to positive weekly unemployment data in the US. Bitcoin rose by 0.93%, reaching $26,450, and Ethereum was above $1,800. Other top crypto tokens, such as Litecoin, Polygon, and XRP, were also trading higher. The total volume in DeFi was around 1.73 billion. Investors are awaiting a clear resolution on the US debt ceiling conversations before making further decisions, according to a CoinSwitch Ventures executive. The global cryptocurrency market cap was trading at $1.11 trillion, a rise of 0.70% in the last 24 hours.
Read Stock Insights by ET for a quick analysis
Maitri Enterprises Ltd.
Explore NowThe cryptocurrency markets were majorly trading higher on Friday amid positive weekly unemployment data in the US. Bitcoin (BTC) rose 0.93% to $26,450 whereas Ethereum (ETH) was above the $1,800 level. BTC volume in the last 24 hours stood at approximately $12.66 billion, down 20.62%.
“Crypto markets have traded sideways in the last 24 hours. The slight increase could be attributed to positive weekly unemployment data in the US,” Parth Chaturvedi, Investments Lead at CoinSwitch Ventures, said.
Crypto markets seem to be in a holding phase currently wherein investors are awaiting a clear resolution on US’ debt ceiling conversations, Parth added.
Other top crypto tokens were also trading higher on Friday. Litecoin surged nearly 2%. Ethereum, Polygon, and XRP were also trading higher.
Did you Know?
S has launched a new enterprise on the Metaverse with the aim of accelerating cloud adoption among Indian firms. The interactive and immersive ‘cloud on wheels’ platform will enable customers to experience the full range of S ’s offerings and reimagine processes for improved business outcomes.
View Details »The total volume in DeFi is currently 1.73 billion, 6.23% of the total crypto market 24-hour volume. The volume of all stablecoins is now $25.70 billion, which is 92.73% of the total crypto market 24-hour volume.
The global cryptocurrency market cap was trading higher around $1.11 trillion, rising 0.70% in the last 24 hours.
The market cap of Bitcoin, the world’s largest cryptocurrency, was around $512 billion. Bitcoin’s dominance is currently 46.16%, an increase of 0.03% over the day, according to CoinMarketCap.
“Bitcoin traded around $26.5K as investors overlooked unexpected positive jobs and productivity figures. As we navigate this constantly changing landscape, Bitcoin remains at the vanguard, influencing the future of finance. Until we see a resolution to this debt limit situation,” Shivam Thakral, CEO of BuyUcoin, said.
Edul Patel, Co-founder and CEO at Mudrex, said, “BTC’s immediate resistance is at the US$26,471 level. If the closure happens near it, the rise may continue to the US$26,600 and US$26,800 zone.”
Crypto Cart: Quick Glance (Source: coinmarketcap.com, data as of 12.48 hours, IST on May 26, 2023)
Bitcoin $26,450 0.93%
Ethereum $1,811 1.63%
Tether $1.00 0.03%
BNB $304.5 -0.27%
XRP $0.4615 2.62%
Cardano $0.3578 0.24%
Dogecoin $0.07076 0.16%
Polygon $0.8951 1.62%
Solana $19.25 -0.68%
Litecoin $86.79 2.81%
Polkadot $5.23 -0.44%
Tron $0.07692 -0.79%
Shiba Inu $0.000008487 -0.22%
(Note: Price change in last 24 hours)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Friday, 26 May, 2023Experience Your Economic Times Newspaper, The Digital Way!Read Complete Print Edition »
- Front Page
- Pure Politics
- Economy & Companies
Economy Grew Faster at 5.1% in Q4: Economists
Reserve Bank of India (RBI) governor Shaktikanta Das on Wednesday indicated FY23 growth may have exceeded the official estimate of 7% on the back of strong growth momentum in the March quarter.
Investors from 21 Nations Exempted from Angel Tax
India exempted investments by non-resident entities such as sovereign wealth funds and pension funds from 21 countries from the so-called ‘angel tax’, leaving out Mauritius, Singapore, and UAE among others that account for significant equity inflow into the country.
DoT Won’t Give 5G Spectrum to Enterprises for Private Network
The Department of Telecommunications (DoT) has decided against giving spectrum directly to enterprises for captive private networks, snubbing companies such as Infosys, Larsen & Toubro, Tata Power and GMR, which have been calling for allocation of airwaves without auctions.