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Cryptocurrency update: On Thursday, March 17, the global cryptocurrency market rose slightly as major digital currencies gained in value. The cryptocurrency market cap today is $1.82 trillion, according to data from global cryptocurrency-tracking site CoinMarketCap. This has risen by 1.61 percent over the past 24 hours. Global cryptocurrency volume also increased over the past day. The total volume of coins in circulation reached $94.32 billion over the past day. This has jumped 1.06 percent over the past 24 hours.
The US Federal Reserve raised interest rates for the first time since 2018, from 0.25 percent to 0.5 percent to combat rising inflation. In most cases, higher interest rates tend to signal uncertainty in the cryptocurrency market as investors have greater access to yield than lower-risk avenues in the market,” said CoinDCX’s research team on cryptocurrency market action.
“However, on the contrary, the past 24 hours witnessed an unusual response to the cryptocurrency market, and it is heading higher to continue its bullish trend in the greens,” the company said.
She added that this may be a case of a delayed market reaction and investors may only start to see its real impact on cryptocurrencies in the future.
Bitcoin price settled today at $40,894.44, according to the data. This has risen by 0.82 percent in the past 24 hours. Ethereum or Ether, the second most popular cryptocurrency in the global market, also rose 4.25 percent in the past 24 hours to stand at $2,797.39, according to CoinMarketCap data.
“Bitcoin prices remained fairly neutral and unfazed at $40,000 as the US Federal Reserve raised interest rates by 25 basis points. Cryptocurrency markets were expected to react strongly to the Fed’s decision. Recently, the aid received by Ukraine exceeded With cryptocurrency $100 million, and today, with the Ukrainian President legalizing cryptocurrencies in the country, this number could grow exponentially.”
“Along with Bitcoin, Ethereum was also largely unaffected due to the recent interest rate hike by the Federal Reserve. Ethereum prices maintained their position above the $2,700 level.”
Top 6 profitable cryptocurrencies in the last 24 hours (according to data from CoinMarketCap at the time this article was published)
CatBoy: $0.03938 — up 840.76 percent
Safeloki: $0.000000001677 — up 410.23 percent
FaithfulDoge: $0.0000000005358 — an increase of 271.37 percent
Igoras credit: $121.64 – up 258.18 percent
HydraMeta: $0.0004007 — up 249.29 percent
SnoopFlokiDog: $0.00003776 — an increase of 234.14 percent
Top 6 cryptocurrency losers in the last 24 hours (according to data from CoinMarketCap at the time this article was published)
Spook Inu: $0.00000000002577 — down 99.00 percent
CyborgShiba: $0.0000004585 — down 90.86 percent
Covid Cutter: $0.00007447 – down 74.24 percent
Bali Token: $0.0000008462 – down 70.92 percent
HelpSeed: $0.0001439 – down 65.69 percent
GNY: $0.04559 – down 65.30 percent
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