Cryptocurrency tokens reversed yesterday’s losses and were in the green. The recent volatility is due to factors such as inflation, the Ukrainian crisis and the tightening of monetary policies. With the exception of dollar-pegged Tether, all major crypto tokens were trading higher in the early hours of Tuesday. Dogecoin zoomed in by 29.56%. Terra was up 8%, while Ethereum was up 5%.
The global cryptocurrency market capitalization traded at $1.86 trillion, up more than 3% in the past 24 hours. However, total cryptocurrency trading volume soared around 43% to $97.88 billion.
Sumit Khare, co-founder of BitsAir Exchange, said: “Despite market pessimism amid rising inflation and hawkish comments from the Federal Reserve, crypto tokens have regained some mojo following the takeover of Twitter by Musk in the massive $44 billion cash deal. . Tokens associated with Musk rallied, including Bitcoin and Ethereum, but Dogecoin was a standout performer. One must be careful in the face of euphoria and avoid leveraged positions. This is neither the first time Musk has driven the crypto markets higher nor the last time. Investors should be selective and avoid FOMO.
In international news, the head of the Bank of Canada said the Canadian dollar will remain at the center of the country’s financial system, Reuters reported. This was in response to questions about a Conservative leadership candidate’s commitment to making the country the blockchain capital of the world.
“Innovation in the financial sector has promising benefits. That said, we certainly expect the Canadian dollar to remain at the center of the Canadian financial system,” Bank of Canada Governor Tiff Macklem said in testimony before a House of Commons committee.
The Bank of Canada is currently working on its own central bank digital currency, a so-called digital loonie, which could be launched if a private digital tender were to take off as a payment system.
In the corporate sector, Abu Dhabi Global Market (ADGM) has authorized Kraken Group to operate a regulated virtual asset exchange platform in the Financial Free Zone, Reuters reported. Kraken is the first global virtual asset exchange group in the United Arab Emirates to receive a full financial license from ADGM, he said.
Here are the top 10 cryptocurrencies and their prices as of April 26, 2022 (data from coinmarketcap.com)
Bitcoin $40,488.66 or 4.22% gain in the last 24 hours
Ethereum $2,996.18 or 5.88% gain in the last 24 hours
Tether $1.00 or 0.00% loss in the last 24 hours
BNB $400.17 or 3.53% gain in the last 24 hours
USD Coin $1.00 or 0.07% loss in the last 24 hours
XRP $0.679 or 4.42% gain in the last 24 hours
Solana $100.54 or 5.57% gain in the last 24 hours
Terra $95.23 or 7.53% gain in the last 24 hours
Cardano $0.8706 or 2.85% gain in the last 24 hours
Avalanche $69.99 or 4.11% gain in the last 24 hours
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