Bitcoin prices have risen by more than 60% this year (year to date), but are still well behind the roughly $65,000 high reached in April.
After plummeting earlier this week, cryptocurrency prices were trading upward Thursday, with Bitcoin trading above $47,000. However, the world's largest cryptocurrency is up more than 60% this year (year to date), a far cry from the nearly $65,000 record high it reached in April.
Bitcoin prices rose 2% to $47,067.77 as volatility lessened after the digital asset was approved as legal cash in El Salvador, and the possibility of a US lawsuit against crypto exchange Coinbase Global Inc highlighted the hard path ahead for cryptocurrencies.
Ether, the ethereum-linked coin and the second most valuable cryptocurrency by market value, was up 1.5 percent to $3,519.5. Meanwhile, dogecoin prices increased to $0.25, while Cardano prices increased by roughly 2% to $2.59. Other digital tokens, like as XRP, Uniswap, Stellar, and Litecoin, have gained more than 1% in the last 24 hours.
The US Securities and Exchange Commission threatened to prosecute Coinbase on Wednesday if the cryptocurrency exchange launched a scheme that allows users to earn interest by lending crypto assets. According to Reuters, the SEC has issued Coinbase with a Wells notice, warning that the US agency would sue if the crypto exchange launches its interest-bearing "Lend" product for crypto assets.
Bitcoin prices fell from more than $52,000 per coin to $42,000 earlier this week, before recovering about half of that loss after El Salvador became the first country to adopt Bitcoin as legal tender. However, the rollout stumbled in its early hours, with El Salvador President Nayib Bukele claiming that the digital wallet used for transactions was not working.
