Cryptocurrency prices have been in the spotlight over the past year, with a major slump following the peak in April 2021. After falling to around $16,000, the cryptocurrency market has recently seen a recovery, although there is still volatility and no clear breakthrough.
All of the core cryptocurrencies, including Bitcoin, Ethereum, and Ripple, are currently on the upside, indicating a general improvement in the market sentiment. However, Bitcoin, the world’s largest cryptocurrency, is still struggling to break through the $25,000 level.
This lack of a clear breakthrough can be attributed to a number of factors, including ongoing regulatory uncertainty, concerns about the environmental impact of cryptocurrency mining, and the overall volatility of the cryptocurrency market.
Higher-than-usual market volatility hurt both bulls and bears during the past 24 hours, as $300 million worth of crypto futures were liquidated.
Tuesday saw Bitcoin and Ether temporarily surpass $26,000 and $1,770, respectively, as investors shrugged aside the long-term repercussions of a regulatory crackdown on crypto-friendly institutions and U.S. consumer price index (CPI) data pointed to a slowdown in inflation in the coming months.
