The entire crypto market is in the green today after it added $130 billion overnight and BTC challenged the $42K Level. Most altcoins posed some drops but the total market still increased so let’s have a closer look at today’s latest cryptocurrency news.
Following a period of declines and choppy price actions. The market showed some strength and managed to recover the losses, which eventually led to Bitcoin surging to $42K. There was a leak of a press release on the US Treasury Department website which revealed some of the information on Biden’s executive administrative order on crypto. One of the excerpts read:
“President Biden’s historic executive order calls for a coordinated and comprehensive approach to digital asset policy. This approach will support responsible innovation that could result in substantial benefits for the nation, consumers, and businesses.”
Bitcoin’s price soared during the Europe early hours and surged above $40,000 to climb higher. This enabled the total crypto market cap to add another $130 billion overnight the have the entire crypto market be in the green. As of the time of writing, BTC’s price charts an increase of 8.2% in the past day alone.
As it is almost always the case, altcoins followed bitcoin’s movement and charted some strong gains. The entire crypto market is in the green and ETH is up by 7%, XRP from 4.2%, SOL by 6.2%. LUNA is the biggest winner from the top 10 coins as it managed to add almost 20% to the value, cementing the place above Solana as the 7th cryptocurrency by market cap. Overall, the bigger gainer is OMI with a 25% increase followed by Monero’s XMR and LUNA. On the other side, CELO lost the most but the decline was not so catastrophic or about 2.5% followed by FXS with 1.4%. The past 24 hours have been quite beneficial for the crypto market which managed to catch a break and recover a bit of the loss that it incurred a week ago.
Also, The top privacy coins Monero and Zcash are surging in value today and posted gains from 10-20%. The biggest privacy coin Monero has a market cap of over $3.5 billion, increased by 18.8% in the past day and it is trading for $195 but despite the rise, it is still 64% short of the former ATH of $517 which was set back in May 2021.
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