Bitcoin rallied above $40,000, making up some ground after falling for seven consecutive sessions. The world's largest and most popular cryptocurrency was trading nearly 2% higher at $40,131. The digital token is down over 14% in 2022 (YTD) so far.
Ether also strengthened around the same time, surging more than 2% to just over $3,000. Meanwhile, dogecoin jumped over 4% to $0.14 while Shiba Inu it was up over 20% to $0.000027.
Shiba Inu and three other tokens, SOLana's SOL, Polygon's Matic and Compound's COMP, were listed for the first time on Robinhood Markets Inc.'s platform. Shiba, trading at a fraction of a US cent, was the biggest gainer Of the four.
Robinhood users have long requested that the broker allow SHIB, as the Shiba coin is known, to be traded, a Change.org petition started last year has seen more than 550,000 signatories in favor of the move.
Robinhood has been active around its crypto offerings in recent days, last week it announced the launch of its cryptocurrency wallet, which granted access to more than 2 million customers who were on the product's waiting list.
Other cryptocurrencies like Avalanche, Cardano, Solana, Terra, XRP, Polkadot also traded with gains in the range of 2-6% in the last 24 hours. The global cryptocurrency market capitalization rose 2% to $1.96 trillion today, according to CoinGecko.
Bitcoin and the crypto market in general have struggled in recent weeks as the Federal Reserve began hiking rates to combat stubbornly high inflation and geopolitical turmoil hurt risk appetite. Crypto's correlation with US tech stocks has risen sharply in recent weeks, suggesting investors are increasingly viewing digital assets as vulnerable to tighter monetary conditions.
(With contributions from agencies)
