Cryptocurrency Prices Today: After a tumultuous week, Bitcoin on Friday surged 6.74 per cent to cross the $61,000 mark, reflecting a notable resurgence in the crypto market driven by renewed investor confidence and optimism, particularly in response to recent US regulatory developments that have eased market tensions. However, experts said considering the market’s volatile nature, a potential downturn is expected as recent gains may already be priced in.
“Bitcoin and Ethereum surged 7% and 9% respectively, lifting the broader crypto market after a tumultuous week. Bitcoin has stabilized near $61,000 and Toncoin has been the other major gainer among the larger -cap alts. TON is now at $6.3, up about 11% from its previous price. Considering the market’s volatile nature, a potential downturn is expected as recent gains may already be priced in,” Avinash Shekhar, co-founder & CEO of Pi42.
According to coindesk.com, the live price of Bitcoin was $61,074 per (BTC / USD), as at 12:40 pm IST, with a current market cap of $1.21 trillion. 24-hour trading volume is $42.07 billion. Bitcoin is +6.74% in the last 24 hours with a circulating supply of 19.74M.
Among other cryptocurrencies, Ethereum jumped 10.9 per cent to $2,691.62, Dogecoin rose 5.72 per cent to $0.105, BNB increased 5.08 per cent to $513.45.
“Bitcoin traded at $61.27k, reflecting a notable resurgence in the crypto market. This uptick is driven by renewed investor confidence and optimism, particularly in response to recent regulatory developments that have eased market tensions. However, analysts warn that this recovery could be marked by volatility, with price swings likely as the market contends with external influences and shifting dynamics,” according to CoinSwitch Markets Desk.
It added that XRP has outpaced Bitcoin with a remarkable 17 per cent surge, catalysed by the resolution of Ripple’s protracted legal battle with the U.S. Securities and Exchange Commission (SEC). The case, initiated in 2020, accused Ripple of conducting an unregistered securities offering through the sale of XRP. The favourable outcome for Ripple has significantly moved the market sentiment around the token, contributing to its sharp rise.
In a separate development, dormant wallets tied to the infamous $4 billion PlusToken Ponzi scheme in China have unexpectedly moved 2,800 Ether. This activity has sparked concerns within the crypto community about potential market manipulation or large-scale sell-offs, as these wallets had been inactive for years. The movement is being closely monitored for its potential impact on Ether prices and broader market stability.
A US judge has ruled that FTX and Alameda Research must pay creditors $12.7 billion following their bankruptcy. This ruling underscores both firms’ enormous financial obligations as they work through the bankruptcy process. Creditors are now poised to seek restitution, with the court’s decision marking a crucial step in the ongoing efforts to recover funds lost in the FTX collapse.
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