The cryptocurrency market revives today marginally, amid a spurring US Dollar index, following the possible recession concern. Today, on September 26, at 6.14 pm UTC, Bitcoin gained by 1.95% intra day, and was quoted at US$ 19,172.60. Yesterday, Bitcoin fell sharply to a low of US$ 18,805.10.
Recently, the World Bank noted that the central banks may need to raise interest rates by an additional 2% points. The central banks are trying to keep the climbing inflation rate under control. However, this might trigger a possible recession further, as many analysts are anticipating. "Global growth is slowing sharply, with further slowing likely as more countries fall into recession. My deep concern is that these trends will persist, with long-lasting consequences that are devastating for people in emerging market and developing economies," commented World Bank Group President David Malpass, on the matter.
Other major cryptocurrencies are also trading higher today. Ethereum was quoted at US$ 1,329.79, up by 2.60%. Yesterday, Ethereum closed at US$ 1,296.04. Litecoin was quoted at US$ 53.04, up by 0.93%, Dogecoin was quoted at US$ 0.0609 down by 0.70%, and Cardano was quoted at US$ 0.4470 up 0.11% today, till last traded. Bitcoin, the largest cryptocurrency, in the last 5 days surged by 3.83%. In the past 1 month, it has dropped by 5.13%. Additionally, in the last 6 months, Bitcoin plunged by 56.95%.
Meanwhile, S&P 500 was down by 0.82%, stood at 3,663.13, and Nasdaq Composite was down by 0.20%, stood at 10,846.39, at the time of writing today. On the contrary, the US Dollar index gained to 114.53 today to hit a fresh 20-year high range.