Cryptocurrency prices today were trading with gains after crashing earlier this week with Bitcoin trading above $47,000. The world’s largest cryptocurrency is up over 60% this year (year-to-date), though, much lower from nearly $65,000 record high it hit in April.
Bitcoin prices surged 2% to $47,067.77 as volatility eased after crashing on El Salvador’s adopted the crypto asset as legal tender and the threat of a US lawsuit against crypto exchange Coinbase Global Inc underscored the rocky road ahead for cryptocurrencies.
Ether, the coin linked to ethereum and second largest crypto by market capitalization, was up 1.5% to $3,519.5. Meanwhile, dogecoin prices gained to $0.25 whereas Cardano at $2.59, up nearly 2%. Other digital tokens like XRP rose 11% and Uniswap, Stellar, Litecoin gained over 1% over the last 24 hours.
Coinbase on Wednesday had said that the US Securities and Exchange Commission had threatened to sue the cryptocurrency exchange if it launches a program that lets users earn interest by lending crypto assets. The SEC issued Coinbase with a Wells notice, indicating the U.S. regulator will sue if the crypto exchange goes ahead with the launch of its interest-bearing “Lend” product for crypto assets, reported Reuters.
Earlier this week, Bitcoin prices plummeted from more than $52,000 per coin to $42,000, before recovering about half of that loss after El Salvador became the first country to adopt Bitcoin as legal tender and the rollout stumbled in its first hours as El Salvador President Nayib Bukele said the digital wallet used for transactions was not functioning.
(With inputs from agencies)
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