Bitcoin on Monday recorded its highest price for the year so far, as the price of the world’s most popular cryptocurrency stood at $21,075 (roughly Rs. 17 lakh). The most widely used cryptocurrency recorded a profit of around two percent on both, national and international exchanges. Over the weekend, BTC swelled to its highest price in the last three months by $2,308 (roughly Rs. 1.8 lakh). Stablecoins and memecoins also recorded notable profits over the past 24 hours. However, some altcoins saw their value fall on Monday.
Ethereum followed Bitcoin on the profit trail. With a growth of 2.64 percent, ETH prices touched $1,566 (roughly Rs. 1.27 lakh) after weeks of facing market resistance. ETH prices spiked by $160 (roughly Rs. 13,008) in the last three days.
Speaking to Gadgets 360, Edul Patel, the CEO of crypto investment platform Mudrex spelled changes in the global market segment, that contributed to cryptocurrencies witnessing a string of losses and recording profits.
“The gains came after a report on consumer prices showed a decline in January inflation numbers last week. This price movement is seen as a sign of recovery and is expected to continue. The Federal Reserve is also likely to reduce interest rate increases,” Patel said.
The overall crypto market valuation grew by 2.04 percent in the last 24 hours. It had hovered close to the mark of $810 billion (roughly Rs. 65,90,038 crore) in the beginning of 2023, now stands at $994.80 billion (roughly Rs. 80,87,034 crore), as per CoinMarketCap.
Meanwhile, only ten cryptocurrencies reflected losses on Gadgets 360’s crypto price tacker today.
The volatility of the crypto sector has been a matter of concern for several nations. Countries like India, the UK, and the US are working on formulating such laws, that make the market more stable.
India, that will get its annual budget for this year in February, has been expecting guidelines around engaging with the crypto sector for over a year now.
Ahead of the budget announcement however, RBI governor Shaktikanta Das has equated investing in the crypto sector next to gambling.
“Every asset, every financial product has to have some underlying (value) but in the case of crypto there is no underlying and the increase in the market price of cryptos, is based on make-believe. So anything without any underlying, whose value is dependent entirely on make-believe, is nothing but 100 per cent speculation or to put it very bluntly, it is gambling,” said Das, while backing a ban on the crypto sector.
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