Monday, December 5, 2022

Bitcoin, Ether, Cardano, And Solana Grind Upwards As Crypto Market Returns Above $2 Trillion

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Bitcoin is on the upswing. The bellwether cryptocurrency and its altcoin peers have kicked off the week with a bang, pushing their collective market cap north of $2 trillion.

BTC Rips Past $44,000, Total Crypto Market Back Above $2T

Cryptocurrencies are edging towards greener pastures.

The bitcoin price rallied on Tuesday, reversing an earlier correction. The original cryptocurrency is trading at $44,070.26 at press time, having gained roughly 4.2% over the last 24-hour trading cycle. At the current price, BTC has a total market capitalization of $835 billion, accounting for 42.53% of the cryptocurrency asset class.

The same bullish price action has been witnessed across the board. The world’s second-largest cryptocurrency, Ethereum (ETH), spiked 6.2% on the day to hit $3,135.17. Cardano (ADA), Binance Coin (BNB), Solana (SOL), Terra (LUNA), and Avalanche (AVAX) are among the top winners, eking out, 5.8%, 7.2%, 6.6%, 6.0%, and 9.2% gains respectively in the last 24 hours.

Combined, cryptocurrencies have reached a total market capitalization of $2.08 trillion, according to data provided by CoinGecko. This is their highest since February 10.

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Crypto’s Ongoing Rally Comes As Canada Enacts Rare Emergencies Act

Interestingly, the crypto market is heading higher on the heels of the Canadian Prime Minister Justin Trudeau invoking the Emergencies Act to quell the trucker protests that have shut some border crossings and paralyzed Ottawa.

Speaking to reporters on Monday, Trudeau and Deputy Prime Minister Chrystia Freeland indicated that the government is taking steps to stop the financial support of protesters, including suspending their personal and business bank accounts without court orders.

This is notably the first time the Emergencies Act has been used since 1988. Freeland said the measure taken against the protesters expands the scope of Terrorist Financing rules to now include crowdfunding platforms and the payment service providers they use. These changes will “cover all forms of transactions, including digital assets such as cryptocurrencies,” she added.

For the newbies, bitcoin is a non-sovereign, decentralized, and regulation-resistant means of sending money. Including the crypto asset in the blockade crackdown only bolsters its unique value propositions.

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