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Business News/ Markets / Cryptocurrency/  Cryptocurrency prices today surge as Bitcoin jumps above $40,000, Shiba Inu rallies 20%

Bitcoin recovered to above $40,000, gaining back some ground after dropping for seven straight sessions. The world's largest and most popular cryptocurrency was trading nearly 2% higher at $40,131. The digital token is down more than 14% in 2022 (year-to-date or YTD) so far.

Ether also strengthened at around the same time, rising over 2% to just above $3,000. Meanwhile, dogecoin jumped more than 4% to $0.14 whereas Shiba Inu rallied over 20% to $0.000027.

Shiba Inu and three other tokens, Solana’s SOL, Polygon’s Matic and Compound’s COMP, were all listed for the first time on Robinhood Markets Inc.’s platform. Shiba, which trades at a fraction of one US cent, was the biggest gainer of the four.

Robinhood users have long requested the brokerage allow SHIB, as the Shiba coin is known, to be traded, a petition started last year has seen more than 550,000 signatories in favor of the move.

Robinhood has been active around its crypto offerings in recent days, last week, it announced the rollout of its cryptocurrency wallet, which granted access to more than 2 million customers who were on a waiting list for the product.

Other cryptocurrencies like Avalanche, Cardano, Solana, Terra, XRP, Polkadot were also trading with gains in the range of 2-6% over the last 24 hours. The global cryptocurrency market cap today surged 2% to $1.96 trillion, as per CoinGecko.

Bitcoin and the broader crypto market have struggled in recent weeks as the Federal Reserve began hiking rates to combat stubbornly high inflation and geopolitical turmoil hurt risk appetite. Crypto’s correlation with US tech stocks has risen sharply in the past few weeks, suggesting investors increasingly view digital assets as vulnerable to tightening monetary conditions. 

(With inputs from agencies)


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Updated: 13 Apr 2022, 08:42 AM IST
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