Crypto Price Today: Bitcoin regains $17K; Ethereum & Polygon rise up to 4%

New Delhi: Crypto markets recovered on Friday, regaining some of the losses and ignoring the inflationary concerns.

Bitcoin regained $17,000 levels, whereas Ethereum was trading below the $1,250 mark.

All other top crypto tokens were trading higher. Ethereum rose 4% while Polygon jumped 3%. Bitcoim, Polkadot, Litecoin and Tron added 2% each.

The global cryptocurrency market cap was trading higher around $860 billion, rising more than 2% in the last 24 hours. The total trading volume was flat, rising almost a per cent to $37.43 billion.

What's cooking in India
Indian crypto asset exchange ZebPay has announced Rahul Pagidipati as the CEO of the company effective December 1, 2022, who will lead ZebPay's operations and work with the current team.

Pagidipati first became CEO of ZebPay in January 2020. The former CEO, Avinash Shekhar, will embark on his entrepreneurial journey with the launch of his own venture in the Web3 space.

Expert take
Edul Patel, CEO and Co-Founder, Mudrex, said that Bitcoin has consolidated above the $17,200 level in the past 24 hours. "Even though BTC touched the $17,424 mark, bulls could not hold there for long," he said

It’s immediate support lies at $17,100, while the resistance holds at $17,280 and then $17,400. If it fails to clear the resistance, there could be a fresh bearish reaction, he added.

"With all the negative news around, it’s easy to lose track of genuine mainstream crypto adoption, which saw several positive developments last week, including Fidelity and Stripe bringing crypto to the masses, alongside Telegram's plans to launch its own crypto wallet," said Parth Chaturvedi, Crypto Ecosystem Lead, CoinSwitch.

Global updates
The latest twist in the downfall of crypto maven Sam Bankman-Fried is prompting a reexamination of the implosion of the Terra algorithmic stablecoin ecosystem that wiped out around $40 billion in market value earlier this year.

Ethereum developers determined that the network’s next hard fork, called 'Shanghai,' will have a target release time frame of March 2023. This upgrade will include code known as EIP 4895 that will allow Beacon Chain staked ether withdrawals.

PayPal will expand its crypto service to Luxembourg 'in coming days,' the payments company said. The expansion marks the first rollout of its crypto service to a European Union country.

The new management at bankrupt cryptocurrency exchange FTX has hired forensic investigators from consultancy AlixPartners to trace billions of dollars that have gone missing, the Wall Street Journal reported.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)