Cryptocurrency Prices Go Up Today For The Second Day, Bitcoin Up 5%; Ether, Ethereum’s classic lead gain

The largest and most popular cryptocurrency in the world, Bitcoin, grew more than 5% to $ 23,868. The cryptocurrency’s global market capitalization was over $ 1 trillion today, as it jumped more than 4% in the past 24 hours to $ 1.14 trillion, according to CoinGecko.

In contrast, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, gained nearly 7% to $ 1,714. Meanwhile, the price of the dogecoin jumped more than 5% to $ 0.06 today, while the Shiba Inu also jumped more than 5% to $ 0.000015.

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Ethereum’s transition from the current system of using miners to a more energy efficient system using staking coins is approaching. The transition to this so-called proof-of-stake system is expected to take place in September.

This week, the Ethereum developers reported continued progress in testing the new system, and in the coming weeks they will be hosting a series of events for potential stakingr and other community members. Ethereum Classic rebounded more than 21%.

The current performance of other cryptocurrency prices has also improved as the prices of XRP, Solana, BNB, Litecoin, Stellar, Chainlink, Apecoin, Avalanche, Polkadot, Tether, Polygon, Tron, Uniswap have been trading for gains in the last 24 hours.

Meanwhile, the broader cryptocurrency market continued to take advantage of traders who called up bets on Federal Reserve hikes after a bad economic reading fueled concerns of a US recession.

US banking regulators ordered crypto firm Voyager Digital to cease and desist from making “false and misleading” claims that its clients’ funds were protected by the government, Reuters reported. Voyager was one of many cryptocurrency companies that struggled in the wake of the great cryptocurrency market turmoil.

Several cryptocurrency companies have filed for bankruptcy or been forced to seek emergency capital injections. Rising interest rates and high-profile crashes like crypto hedge fund Three Arrows Capital hit digital tokens this year. Cryptocurrencies, such as bitcoin, have risen in price in 2020 and 2021, but have dropped dramatically this year.

(With agency contributions)

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