Major coins traded higher on Wednesday night as the cryptocurrency’s market cap surged 8.56% over the past 24 hours to $1.11 trillion.
| cryptocurrency | Profits (+/-) | Price |
|---|---|---|
| Bitcoin | +11% | $24,616 |
| ether | +8.90% | $1,688 |
| Dogecoins | +7.51% | $0.089 |
What happened: The largest cryptocurrency by market value, Bitcoin BTC/USDis up 11% in the last 24 hours and broke above $24,000 for the first time in two weeks. ether ETH/USD changed hands above $1,688, up 8.90% in the last 24 hours. Dogecoins DOGE/USD was up 7.51% in the last 24 hours to trade at $0.089.
US stock markets closed in the green on Wednesday, with the S&P 500 index up 0.28% and the tech-heavy Nasdaq Composite up 0.92%.
See more: Best Crypto Day Trading Strategies
The recent surge in the crypto market comes despite investor concerns about stablecoin regulation and future Federal Reserve monetary policy to curb inflation.
Analyst Notes: “Bitcoin starts the day higher initially, despite broad risk aversion on US data suggesting the economy could absorb much more tightening from the Fed. Crypto traders are also learning more about proposed rule changes for which crypto firms may hold client assets in custody,” said Edward Moya, senior market analyst at OANDA.
“It appears that crypto regulation is becoming clearer, and the guidelines for qualified custodians require them to be a registered broker, futures dealer, or escrow/foreign financial institution of the regulatory headlines.”
Crypto Analyst Michael van de Poppe said, proposing to buy the dip at $22,300 for potential long-term gains, adding that “we will continue the uptrend from here”.
Pseudonymous Analyst Caleo said “bitcoin reclamation is complete” and “$30k+ is a magnet”.
analyst pentoshi said that the BTC…
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