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What’s the State of the Cryptocurrency Market Right Now?

Cryptocurrency tokens were trading higher on Tuesday, after receiving a good beating for nearly a week. Bitcoin reached a new high of $20,000, while Ethereum experienced a resurgence for the first time since the Merge.

The rebound may be fleeting given the current macroeconomic uncertainty and growing recessionary fears as predicted by an analyst. In light of this, they tell traders to exercise caution for the time being.

XRP and Tether, which is tethered to the US dollar, were trading considerably higher on Tuesday. Solana soared up to 8%, while Bitcoin and Polkadot both increased by 6%.

The market capitalization of all cryptocurrencies was up, up more than 4% in the previous day. However, the overall trade volume soared by over 52%, or around $81.16 billion.

Cryptocurrency Expert Take

According to Mudrex CEO and co-founder Edul Patel, Bitcoin and Ethereum increased along with the equity markets.

The second-largest cryptocurrency, Ethereum, regained its psychological support near $1,300. Bitcoin buyers could seize the initiative above the $19,500 barrier by joining the market after analyzing macroeconomic reasons.

Global Updates

  • As China continues to crack down on criminality involving digital assets, authorities in the province of Hunan detained 93 people for allegedly laundering up to RMB 40 billion ($5.6 billion) using cryptocurrency.
  • Last week, the CFTC brought and resolved charges against a blockchain protocol and its founders that have the potential to have a significant impact on the cryptocurrency market.
  • Under the alias “Sifu,” Michael Patryn, has launched UwU Lend, a decentralized-finance (DeFi) platform.
  • Before its scheduled big update in early 2023, Filecoin had a nearly sevenfold increase in data suppliers since 2022.

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