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

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.

“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.

“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.

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