Bitcoin news: Major cryptocurrencies were back on the green track on Wednesday, recovering from losses of this week. However, gains were capped by lower volumes in the market. Six out of the top 10 cryptocurrencies were trading higher at 9.30 hours IST, with Bitcoin and Polkadot leading the gainers.
Bitcoin & Polkadot Soar 4%
However, Solana tanked 6 per cent on continued profit booking. The global crypto market cap increased over 3 per cent to $2.13 trillion compared to the last day. However, the total crypto market volume tanked as much as 19 per cent to $111.16 billion.
“The market is in a slight recovery mode. While Polkadot continues to be in green, we are hopeful that the rest of coins will recover to the support levels from where they crashed last week,” said Sharan Nair, Chief Business Officer, CoinSwitch Kuber.
“It was a fantastic session for crypto enthusiasts as most of the top 20 cryptocurrencies moved higher. The largest crypto by market capitalization, Bitcoin, shot past $47,000,” said Edul Patel, CEO and Co-founder of Mudrex.
“This momentum propelled other altcoin investors to jump into the market. The coming 24 hours look promising for altcoins as Bitcoin would slowly start consolidating,” he added.
The country’s largest lender, State Bank of India, has blocked the receipt of funds by crypto bourses on its UPI platform. The bank has told payment processors to disable SBI UPI for crypto merchants.
Devilz Tattooz, a Delhi NCR-based tattoo chain, said it will start accepting Bitcoin, Ethereum and Cardano for its services. The company joins another Delhi-based business, The Rug Republic, which is a homegrown décor brand.