Bitcoin inches up to $31,735 in choppy trading

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The cryptocurrency market remained mixed on Wednesday amid ongoing inflationary concerns and the prospect of a recession, with market capitalisation going 0.5 percent down to $1.37 trillion.

As of 1300 hours GMT, the largest cryptocurrency Bitcoin’s (BTC) price reached $31,735, reflecting an increase of 0.4 percent. With this increase in price, the market capitalisation of the biggest crypto has reached $604 billion. Bitcoin has gained 7 percent of its value over the last seven days.

Bitcoin retained its gains for another consecutive day. BTC surged to a peak of $31,949 a day earlier after buyers reacted to the oversold conditions.—TLTP

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