Major cryptocurrencies extended their gains on Tuesday, with Bitcoin surging above $44,000 in the past 24 hours.
The world’s largest virtual currency by market capitalization was trading up 3.83% at 44,438.70 as of 11:13 a.m., according to data from CoinDesk. Bitcoin rose significantly over the weekend after falling below the 37,000 level. The cryptocurrency hit the 50-day moving average for the first time in nearly a month.
However, the cryptocurrency is still far from its all-time high of nearly $69,000 reached in November 2021.
Most cryptocurrencies extended the rally for another day on Tuesday after the start of the positive trend over the weekend.
The second-largest cryptocurrency Ether, which is tied to the Ethereum blockchain, rose more than 3% to $3,193.96 as of 11:27 a.m., according to CoinDesk.
Same crypto Dogecoin rose almost 6% to $0.17, while Shiba Inu traded nearly 26% higher at $0.000035.
Solana, which garnered substantial interest from crypto traders last year, turned positive, after trading in negative territory early in the trade, to trade at $118.14 as of 11:33 a.m. ET.
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Other cryptocurrencies such as Litcoin, Stellar, XRP, Chainlink, Avalanche, Cardano, Polygon, Terra were trading in the green over the past 24 hours.
Meanwhile, Finance Minister Nirmala Sitharaman in the Union Budget announced a 30% tax on income from trading or investing in cryptocurrencies or other digital assets such as NFTs.
Wall Street indices were volatile on Monday as traders try to figure out how stock valuations will be affected by interest rate hikes looming on the horizon as the Federal Reserve scrambles to tame inflation .
Asian stocks reversed early gains as Chinese equity investors were unsettled by US stocks against 33 Chinese entities.
Traders were eyeing rate hikes in the euro zone and the United States after the European Central Bank was seen last week as adopting a more hawkish tone.
(Edited by : Bivekananda Biswas)