Bitcoin Tops $40,500; Dogecoin Up 30% as Elon Musk Set to Buy Twitter

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Cryptocurrency tokens reversed yesterday’s losses and were in the green. Recent volatility is due to factors like inflation, the Ukraine crisis and the tightening of the monetary policies. Barring the dollar-pegged Tether, all major crypto tokens were trading higher during the early hours on Tuesday. Dogecoin zoomed 29.56 per cent. Terra rallied 8 per cent, whereas Ethereum was up by 5 per cent.

The global cryptocurrency market cap was trading at $1.86 trillion, up over 3 per cent in the last 24 hours. However, the total cryptocurrency trading volume zoomed about 43 per cent to $97.88 billion.

Sumit Khare, Co-Founder, BitsAir Exchange, said: “Despite the pessimism in the market amid the rising inflation and hawkish commentary from the Federal Reserve, crypto tokens have got some mojo back following Musk’s buyout of Twitter in the whopping $44 billion cash deal. Tokens associated with Musk have been rallying high including Bitcoin, and Ethereum but Dogecoin was a standout performer. One should be cautious over the euphoria and avoid leveraged positions. It is neither the first time, when Musk has pushed the crypto markets up nor the last time. Investors should be selective and avoid FOMO.”

In international news, the Bank of Canada Chief has said that the Canadian dollar will remain at the centre of the country’s financial system, Reuters reported. This was in response to questions about a Conservative leadership candidate’s pledge to make the country the blockchain capital of the world.

“There are promising benefits from innovation in the financial sector. Having said that, we certainly expect the Canadian dollar will remain at the centre of the Canadian financial system,” Bank of Canada Governor Tiff Macklem said in testimony before a committee of the House of Commons.

The Bank of Canada is currently working on its own central bank digital currency, a so-called digital loonie, that could be launched if a private digital tender were to take off as a payment system.

In the corporate corner, Abu Dhabi Global Market (ADGM) has licenced the Kraken group to operate a regulated virtual asset exchange platform in the financial free zone, Reuters reported. Kraken is the first global virtual assets exchange group in the United Arab Emirates to receive a full financial licence from the ADGM, it said.

Here are the top 10 cryptocurrencies and their prices on April 26, 2022 (data from coinmarketcap.com)

Bitcoin $40,488.66 or 4.22 per cent gain in the last 24 hours

Ethereum $2,996.18 or 5.88 per cent gain in the last 24 hours

Tether $1.00 or 0.00 per cent loss in the last 24 hours

BNB $400.17 or 3.53 per cent gain in the last 24 hours

USD Coin $1.00 or 0.07 per cent loss in the last 24 hours

XRP $0.679 or 4.42 per cent gain in the last 24 hours

Solana $100.54 or 5.57 per cent gain in the last 24 hours

Terra $95.23 or 7.53 per cent gain  in the last 24 hours

Cardano $0.8706 or 2.85 per cent gain in the last 24 hours

Avalanche $69.99 or 4.11 per cent gain in the last 24 hours

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