Major cryptocurrencies gained on Wednesday, reversing losses from the previous session, as global markets held ground.
Bitcoin — the world's largest and most popular virtual currency — climbed 6.1 percent to $24,365.8. Its market value stood at $469.7 billion. The trade volume was at $36.8 billion.
Edul Patel, CEO and co-founder of Mudrex, said that the crypto market has seen a massive recovery over the past 24 hours. "Bitcoin and Ethereum had previously lost over 50 percent of their value since the beginning of the year. It's not only crypto investors and traders facing the heat but also crypto exchanges."
Patel gave example of Coinbase, the biggest exchange in the US, that reported a net loss of $1.094 billion in the second quarter. "It is a sharp reversal from last year's quarterly results (Q2 2021), which had a net profit of $1.6 billion.
Ethererum or Ether — the second largest virtual currency — was 11.3 percent up at $1,877.2 with a market capitalisation of $230.8 billion. The trade volume of Ethereum was $27.2 in the last 24 hours.
Meme-based virtual currency Dogecoin was 4.6 percent up with a trading volume of $458 million. Shiba Inu was trading 3.3 percent higher at $0.000012 while Solana was 12 percent up at $44.5 billion.
The Indian financial market made a gap up start on Thursday.
