Cryptocurrency prices surge today as Bitcoin, ether, dogecoin gain. Check latest rates here

Bitcoin on Thursday went up by 2.3% remaining above the $42,000 level, as per CoinGecko. The digital token was trading almost flat at $42,837. However, the world’s largest and most popular cryptocurrency is down about 8% in 2022 (year-to-date or YTD) so far as it is about 30% below its record high of near $69,000 that it had hit in November last year.

Additionally, the global cryptocurrency market cap today is $2.03 trillion, a 1.4% change in the last 24 hours. With the total cryptocurrency trading volume at $98.3 billion. This comes at a time when the Bitcoin dominance is at 40% and Ethereum dominance is at 17.9%. Dogecoin gained a whopping 11.8% in the last 24 hours at $0.135805, while Shiba Inu gained 6.2% at $0.00002464. 

Meanwhile, the US Federal Reserve Chair Jerome Powell said new forms of digital money such as cryptocurrencies and stable-coins present risks to the U.S. financial system and will require new rules to protect consumers, according to AP report.

Powell, speaking Wednesday on a panel organized by the Bank for International Settlements, a global organization of central bankers, also said that new technologies will likely make electronic payments cheaper and faster. But they could also destabilize existing financial institutions, he said.

In his remarks, Powell outlined several risks that stem from the growth of digital finance, including to consumers and the broader financial system. The Fed is also trying to figure out how digital assets like Bitcoin might impact financial markets, particularly during downturns or market crashes.

Powell also noted that crypto assets have been used for “illicit activity,” such as money laundering, and “we need to prevent this so that the innovations that do survive and do attract broad adoption are those that provide value over time” for legal uses.

Powell said the Fed has “long supported responsible innovation,” though he added that it is difficult to tell which innovations “will have lasting effects and those that will turn out mostly to be hype.” “And it’s never possible in real time to be sure which is which,” he said.

(With inputs from agencies)

 

 

 

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