Cryptocurrency speculators went into action the week after Bitcoin closed its record ninth week in the red on Sunday. In line with stock market moves in Europe and Asia, Bitcoin and a group of popular altcoins enjoyed a sharp rise in value after China said it would ease Covid restrictions. The price of the largest cryptocurrency by market capitalization is up nearly 5 percent through Monday with numbers staying strong early Tuesday as well. In numerical terms, the bitcoin price is currently around $31,600 (about Rs 24.5 lakh) across global exchanges, while Indian exchange CoinSwitch Kuber values bitcoin at $33,269 (approximately Rs 26 lakh), an increase of 4.79 percent in the past 24 hours.
On global exchanges such as CoinMarketCap, Coinbase and Binance, the bitcoin price is at $31,651 (about Rs 24.5 lakh), a 4.51 percent increase in value over the past 24 hours. According to CoinGecko data, the value of BTC has already moved significantly higher than it did last week, up 8.7 percent from week to week.
While Bitcoin has held up well over a tough month, Ether hasn’t. However, the second most popular cryptocurrency started the week on a solid footing. At press time, Ether is valued at $2,084 (about Rs 1.6 lakh) on CoinSwitch Kuber while values on global exchanges point to the crypto’s value at $1,983 (approximately Rs 1.5 lakh), as the cryptocurrency is up 5.85 percent. the past 24 hours.
The strong supply of Ether over the past 24 hours means that the value of the cryptocurrency is 0.6 percent higher than last week’s value, according to CoinGecko data.
Gadgets 360’s crypto price tracker reveals a green landscape for most popular cryptocurrencies – the global cryptocurrency market cap has surged 4.26 percent in the past 24 hours. Cardano, Polygon, Litecoin, Uniswap and Chainlink were among the top gainers, while metaverse tokens like Decentraland also fared well.
Memecoins Shiba Inu and Dogecoin both saw a bit of movement although DOGE did better. Dogecoin is currently valued at $0.09 (about Rs 7.5) after gaining 1.69 percent in value over the past 24 hours, while the Chiba Inu is valued at $0.00013 (approximately Rs 0.000971), down 0.21 percent over the past day.
Meanwhile, the Indian government has stated that it will soon finalize an advisory paper on cryptocurrencies with input from various stakeholders and institutions, including the World Bank and the International Monetary Fund, Economic Affairs Minister Ajay Seth said on Monday. He also emphasized the need for a global response to deal with issues related to cryptocurrencies as they operate in the virtual world. The Reserve Bank of India (RBI) has on several occasions expressed reservations about such virtual currencies citing a threat to macroeconomic stability.
Speaking on the sidelines of the unveiling event of the “Iconic Week” as part of the Azadi ka Amrit Mahutsav being celebrated by the Ministry of Finance, Seth said the advisory paper is more or less ready.
“We have consulted not only local stakeholders but also organizations such as the World Bank and the International Monetary Fund. Therefore, we hope to be soon in a position to finalize our consultation paper,” he said.
Cryptocurrency is an unregulated digital currency that is not legal tender and is subject to market risk. The information in the article is not intended to be and does not constitute financial advice, business advice or any other advice or recommendation of any kind provided or approved by NDTV. NDTV will not be liable for any loss arising from any investment based on any recommendation, forecast or any other information contained in the article.