Bitcoin, the largest crypto currency by market value, traded back above the $22,000 price level as concern about a widening crackdown by regulators eases

The crypto currency market was trading in the green on Wednesday, boosted by advances in Bitcoin (BTC), Ethereum (ETH), Binance (BNB), Cardano (ADA) and Solana (SOL). The global crypto market cap is $1.03 trillion, a 2.12 per cent rise over the previous day, as per Coinmarketcap.com at 12:30 am GMT.

Bitcoin, the biggest crypto currency in terms of market value, traded back above the $22k price level as worries about a broader clampdown by regulators eases.

BTC climbed 3.2 per cent to $22,323 during New York trading, after turning negative earlier during the session. Bitcoin has mostly traded below that mark since a series of regulatory actions were unveiled recently.

Most crypto currencies gained after the US Consumer Price Index (CPI) data for January, where inflation dropped less than expected. Bitcoin bounced back from the recent lows and is trading above the $22k mark at present. BTC’s next resistance now lies at the $22,260 level, while the support lies at the $22k level, according to Edul Patel, Co-founder and CEO at Mudrex.

On the other hand Ethereum also jumped back above $1,500 level, in line with Bitcoin. However, in spite of the small gains, the overall momentum in the market is a bit bearish, he said.

Meme coin Dogecoin advanced nearly 1.50 per cent, while Binance Coin gained 2 per cent and Ethereum rose 4.7 per cent.

Solana (SOL) gained 3.73 per cent to $21.61 today. Cardano (ADA) was 7.77 per cent higher at $0.3851. Polygon MATIC advanced 5.96 per cent to $1.25.

According to Shawn Cruz, head trading strategist at TD Ameritrade: It is interesting to me that you are seeing crypto rally when you have the US Securities and Exchange Commission continuing to clamp down on a lot of these businesses.

I am not entirely certain I would expect that to remain, he said.