Bitcoin and other crypto tokens posted better-than-modest gains on Friday after the US Fed chair's commentary last evening, which pushed the treasury yields higher. However, The state of New York has filed a lawsuit against Digital Currency Group, and its subsidiary Genesis Global Capital along iwht crypto exchange Gemini alleging fraud to the tune of more than $1 billion.
After a short-lived profit booking, Bitcoin was back in green on Friday as the last crypto token surged more than 3 per cent to regain the 29,000-levels. However, its largest peer, Ethereum, also rose more than 2 per cent but remained below $1,600-level. Majority of altcoins were trading higher in the early morning.
The crypto market narrative is seemingly shifting more towards the increasing Bitcoin dominance. As Ethereum continues to fall against Bitcoin, other layer 2s have also been underperforming, said Shubham Hudda, Senior Manager at CoinSwitch Markets Desk. Social media company Reddit announced to wind down its internet points feature citing scalability issues, he said.
