Cryptocurrency

Cryptocurrency Bitcoin has struggled since hitting a high near $69,000

Crypto

Today’s cryptocurrency values increased, with Bitcoin circling around the $20,000 level. The biggest and most well-known cryptocurrency in the world was up more than 4% and trading at $20,290. Since reaching a peak of around $69,000 in November, Bitcoin has had trouble.

As the Federal Reserve raises interest rates to fight inflation, risk markets struggle, and the cryptocurrency sector endures high-profile blowups like Terra/Luna and Three Arrows Capital, it is down around 60% year to date. For over a month, the biggest token has been rangebound close to $20,000.

Even though it had increased by more than 3% in the previous day to $939 billion, the market capitalization of all cryptocurrencies today was below the $1 trillion thresholds, according to CoinGecko.

Ether, which is connected to the Ethereum blockchain, increased more than 6% to $1,115. Shiba Inu’s price increased by more than 4 percent to $0.000010, while Dogecoin’s price was trading about 2 percent higher at $0.06.

As XRP, Solana, BNB, Litecoin, Stellar, Chainlink, Tron, Apecoin, Avalanche, Polkadot, Polygon (up as high as 18 percent), Uniswap, and Tether prices were trading with increases over the previous 24 hours, other cryptocurrencies values today also performed well.

A month after freezing client withdrawals, cryptocurrency lender Celsius Network filed for Chapter 11 bankruptcy, following other victims of a crash in digital assets.

As the Federal Reserve rapidly raises interest rates, harming risk sentiment and driving up funding costs, pressure on cryptocurrency platforms has increased. Voyager Digital Ltd., a cryptocurrency broker, requested Chapter 11 bankruptcy protection earlier this month, while Three Arrows Capital, a bankrupt cryptocurrency hedge fund, has appointed liquidators.