Cryptocurrency Updates: The price of bitcoin on Wednesday increased to trade above USD 20,000 after falling below that level in the previous sessions as riskier assets continued to be weighed down, after the US Federal Reserve's hawkish remarks about inflation and the slowdown in the economy.
The price of the biggest and most widely used cryptocurrency in the world was up around 1 percent at USD 20,333. According to CoinGecko, the global crypto market valuation climbed back above USD 1 trillion today after increasing by over 2 percent over the previous day to reach USD 1.04 trillion.
The second-largest cryptocurrency, Ether, which is connected to the Ethereum network, increased more than 4 percent to USD 1,595. In recent weeks, Ether had outperformed the overall cryptocurrency market thanks to anticipation surrounding the upcoming "Merge" network software upgrade.
Shiba Inu increased to USD 0.000012 today, while Dogecoin's price traded slightly lower at USD 0.06. While Litecoin and Stellar experienced minor losses over the past 24 hours, Chainlink, Apecoin, XRP, Uniswap, Tron, Binance USD, Polygon, Solana, Polkadot, Avalanche, and Tether values saw rises today.
As with the rest of the world's markets, cryptocurrency prices fell after Jerome Powell warned against hasty policy easing. The chairman of the Federal Reserve, Jerome Powell, pushed back against the notion that the Fed would soon change course, indicating that the US central bank is likely to keep hiking interest rates and leave them high for some time to stifle inflation.
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