Bitcoin made a spectacular return on Tuesday, February 8, crossing the $44,000 barrier in its longest surge in over five months. The coin, however, remained volatile by nature, as the global cryptocurrency market rose significantly for the second day in a row, surpassing the $2 trillion milestone. After weeks of declines following the US Federal Reserve meeting, where it suggested a raise in interest rates to combat inflation, the market appeared to be stabilising at this moment.
According to data from worldwide crypto tracking website CoinMarketCap, the cryptocurrency market cap was $2.00 trillion. Over the previous 24 hours, this has increased by 2.12%. The Over the last day, the worldwide crypto volume has also increased marginally. Over the course of the last day, the total volume of exchanged coins reached $87.73 billion. According to data on the website, this has dropped by 44.14 percent in the last 24 hours.
According to research, Bitcoin gained a significant amount of value on the day, hitting the $44,000 milestone. Bitcoin prices were $43,872.91.
Meanwhile, Reuters reported that a collection of prominent cryptocurrency companies, including Coinbase, Circle, Anchorage Digital, and Huobi Global, are forming a new alliance to combat market manipulation in order to restore faith in the booming digital asset business.
According to the report, the Crypto Market Integrity Coalition, which was convened by risk-monitoring software company Solidus Labs, is also urging digital currency companies to sign a "market integrity" pledge that recognises the potential for cryptocurrency fraud and the need for the industry to protect investors.
"The establishment of the Crypto Market Integrity Coalition has brought together some of the most notable companies at the vanguard of the crypto sector, committing to safeguard investors and advocate market integrity in a progressive move towards creating trust in the digital asset industry." This comes as the industry prepares for increased regulatory scrutiny in the wake of the US Securities and Exchange Commission's new proposed guidelines, which might tighten the restrictions on digital asset exchanges, according to the CoinDCX research team.
Top 6 Cryptocurrency Gainers in the Last 24 Hours (According to Data from CoinMarketCap)
SWAK: $0.001731 - up by 2,072.96 per cent
ZUM TOKEN: $0.00001804 - up by 593.06 per cent
Ninja Floki: $0.000004213 - up by 378.45 per cent
Galactic Kitty Fighters: $0.000000001566 - up by 370.85 per cent
Meta Speed Game: $0.000026 - up by 247.65 per cent
Bole Token: $0.00009963 - up by 190.92 per cent
Top 6 Cryptocurrency Losers in the Last 24 Hours (According to Data from CoinMarketCap)
ETH Fan Token: $0.00000000002405 - down by 98.80 per cent
Infinity Token: $0.00002579 - down by 98.63 per cent
Talent Token: $0.04808 - down by 91.31 per cent
EarnHub: $0.00000008977 - down by 90.35 per cent
MetaPay: $0.000001231 - down by 85.23 per cent
PAPPAY: $0.00000007031 - down by 78.71 per cent
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