Cryptocurrency markets stabilize near record levels amid broader tech sector strength and a 40-year low in the Japanese yen.
Bitcoin traded near $65,891 on Wednesday, reflecting a consolidation phase after recent gains. The cryptocurrency’s stability coincided with a continued rally in semiconductor stocks and a sharp decline in the Japanese yen, which hit its lowest level in four decades against the dollar.
Ethereum dipped 0.90% to $1,916, while the broader crypto market cap stood at $2.32 trillion. Bitcoin dominance held at 57.1%, and the Fear & Greed Index signaled a cautious sentiment at 33. Altcoins showed mixed performance, with small-cap tokens like Sherwood Protocol and Balancer posting significant gains.
Telegram announced plans to launch a zero-fee crypto wallet for its 1 billion users this summer, while Ethereum staking reached a record 34% as ETH approached $2,100. Funding rounds for blockchain projects also surged, with Augustus securing $180M and Cordant raising $8M.