Bitcoin, Ether Show Resilience Amid US Debt Ceiling Crisis as Stablecoins See Dips: Details

Bitcoin price rose by $147 (roughly Rs. 12,115) over the last 24 hours.

Written by Radhika Parashar, Edited by David Delima | Updated: 18 May 2023 11:29 IST

Bitcoin, Ether Show Resilience Amid US Debt Ceiling Crisis as Stablecoins See Dips: Details

Photo Credit: Pixabay/ Michael Wuensch

The capitalisation of the global crypto sector stood at $1.14 trillion as of May 18

Highlights

Baby Doge Coin saw losses
Tron, Solana recorded profits
ETH staking is picking pace

Bitcoin on Thursday recorded a small 1.04 percent rise in profit, and the world's most popular and expensive cryptocurrency is currently trading at $27,327 (roughly Rs. 22.5 lakh) on both national as well as international crypto exchanges. Over the past 24 hours, the value of Bitcoin rose by $147 (roughly Rs. 12,115). While Bitcoin is seeing a gradual hike in value, the Ordinal NFTs built on the Bitcoin blockchain have boomed significantly in the digital collectibles sector. Tether is also investing part of its profits in Bitcoin, given that it has the largest capitalisation among all cryptocurrencies.

On Thursday, Ethereum saw is value increase by a miniscule 0.05 percent. Ether is trading at $1,823 (roughly Rs. 1.5 lakh), as per the crypto price tracker by Gadgets 360. It is notable that the trading value of Ether remains unchanged over the last 24 hours.

Binance Coin, Cardano, Dogecoin, Solana, Polygon, Litecoin, Polkadot, and Tron recorded increases in price on Thursday.

Crypto Lender Voyager Digital Hopeful to Provide 35 Percent Customer Payout

“Bitcoin and Ether show resilience amid US debt ceiling negotiations, unaffected by potential turbulence. While crypto appears indifferent due to high liquidity, Tether diversifies reserves by investing 15 percent of profits in Bitcoin,” Rajagopal Menon, Vice President, WazirX told Gadgets 360.

The overall valuation of the crypto sector rose by 0.48 percent in the last 24 hours. As per CoinMarketCap, the crypto sector capitalisation stood at $1.14 trillion (roughly Rs. 93,78,650 crore) as of May 18.

Unlike Ether and Bitcoin, Stablecoins pegged against the US dollar including Tether, Ripple, and Binance USD saw their prices fall. Shiba Inu, Cosmos, Stellar, Bitcoin Cash, and Baby Doge Coin also recorded losses.

Large Withdrawals by Crypto Whales Blamed for US Banking Crisis

“Ripple's native token surged the most among the top 50 tokens, driven by the recent developments in the ongoing battle between Ripple and the US Securities and Exchange Commission (SEC)”, the research team at the CoinDCX crypto exchange told Gadgets 360. “The number of staked ETH tokens has reached 21.6 million, marking an increase of approximately 3.5 million within the month following the Shanghai upgrade. With the total supply of ETH tokens standing at around 120 million, the current staking participation rate has surpassed 18%, according to Glassnode data. These developments demonstrate the growing interest and confidence in ETH staking as an investment strategy,” the CoinDCX team added.

Google I/O 2023 saw the search giant repeatedly tell us that it cares about AI, alongside the launch of its first foldable phone and Pixel-branded tablet. This year, the company is going to supercharge its apps, services, and Android operating system with AI technology. We discuss this and more on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.

Affiliate links may be automatically generated - see our ethics statement for details.

Cryptocurrency Prices across Indian exchanges

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.

Further reading: Cryptocurrency, Bitcoin, Ether, Qutm, Wrapped Bitcoin, Zcash, Tether, USD Coin, Ripple, Binance USD, Binance Coin, Cardano, Polygon, Solana, Polkadot, Dogecoin, Shiba Inu, Litecoin, Uniswap, Tron, Monero, Dash, Bitcoin Cash, Flex, Cartesi, Braintrust

Radhika Parashar

Email Radhika

Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More