- Bitcoin is down about 6% in 2022 (year-to-date) so far whereas, it is still over 36% away from its record high of near $69,000
On the other hand, Ether, the coin linked to the ethereum blockchain and the second-largest cryptocurrency in terms of market capitalization, also surged over 6% to $3,026. Similarly, Binance Coin gained about 5% to $413.RECOMMENDED FOR YOU
Meanwhile, the global cryptocurrency market capitalisation today remained above $2 trillion, as per CoinGecko, as it was up nearly 4% at $2.04 trillion, supported by the rise in crypto prices today.
The US Securities and Exchange Commission is warning investors about risks associated with accounts that pay clients high interest rates for depositing crypto assets. Companies offering interest-bearing accounts for digital assets don’t provide the same protections as banks and credit unions, and the deposits aren’t insured, the regulator’s office said, as reported by Bloomberg.
The recent volatility in cryptos has come amid a broader market selloff driven by investors recalibrating their portfolios to account for a more aggressive Fed, which is now expected to raise rates as many as seven times this year as it fights surging inflation.