The US Senate’s failure to reach a compromise on the cryptocurrency regulations proposed in President Joe Biden’s infrastructure bill, coupled with the $600m hack of the Poly Network, could have delivered a one-two punch to the cryptocurrency market.
By mid-afternoon Wednesday, however, both had failed to have any substantial impact.
According to CoinMarketCap, the total capitalisation of the cryptocurrency market stood at $1.92trn (£1.38bn), having started the week at $1.6trn.
Reaching a new three-month high, bitcoin stood 1.4% higher at $46,447. Although the market capitalisation of the world’s largest cryptocurrency had risen by 1.8% to $871m, bitcoin’s trading volume fell by 6.5% to $33.7bn.
Ether’s trading volume stood 4.7% lower at $27.7bn, while its market capitalisation enjoyed a 3.1% rise to $380.7bn. Also at a new three-month high, the world’s second-largest cryptocurrency traded up by 2.7% at $3,254.
Among the other leading cryptos, XRP, chainlink and dogecoin enjoyed the largest gains, rising by 8%, 8.2% and 5.6% respectively.
IoTeX enjoyed the largest gain of the day, rising by as much as 230% to an all-time high of $0.122451. The four-year-old, Internet of Things-oriented open-source blockchain platform saw its market capitalization rise by almost 180% to $848m.
The surge was triggered by the DeFi crypto’s inclusion on the Coinbase Pro platform.
After a 2,200% jump in trading volume within 24 hours, IoTeX’s developers stated: “We are experiencing incredibly high traffic today… We are actively working on adding more capacity to fix these issues! Thanks for your patience.
Funfair (FUN) suffered the worst daily decline, falling by 6% to $0.04708. Although up by 290% in the past year, the online gaming-orientated cryptocurrency stood 94% below its 2018 all-time high.(source:CurrencyCom)
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