Bitcoin has shown a strong recovery recently, following a slight dip in market momentum last week due to external macro-economic factors exerting selling pressure on investors. As of now, Bitcoin is trading at $62,796 (approximately Rs. 52.4 lakh), marking a 4.82 percent increase over the past 24 hours. On national exchanges like WazirX, Bitcoin is trading at $66,037 (around Rs. 55 lakh), reflecting a four percent rise since Sunday.
Ether, the second-largest cryptocurrency by market capitalization, has also joined Bitcoin in its journey to recovery. Currently, Ether is trading at $3,331 (roughly Rs. 2.78 lakh) on international exchanges, following a 4.11 percent gain in the last 24 hours. According to a crypto price tracker by Gadgets360, the value of ETH is $3,531 (approximately Rs. 2.95 lakh).
The recent surge in the crypto market can be attributed to various factors, including an assassination attempt on former US President Donald Trump, which has positively impacted market sentiment. Trump’s increased odds of winning the 2024 election, coupled with his pro-crypto stance emphasizing individuals’ rights to own cryptoassets, have fueled positive sentiment within the crypto community.
Experts in the field, such as Mudrex CEO Edul Patel, have highlighted Ethereum’s outperformance compared to Bitcoin in terms of weekly gains, with ETH crossing the $3,300 mark. Market participants are also anticipating the approval of spot Ether ETFs this week, which could further boost interest in Ethereum. However, there are still concerns around potential volatility in the market, particularly related to issues like the Mt. Gox reimbursement plan.
The overall crypto market cap has grown by 3.80 percent in the last 24 hours, pushing the valuation of the entire crypto market to $2.29 trillion (approximately Rs. 1,91,30,394 crore), as per CoinMarketCap. While several cryptocurrencies have seen a notable increase in value, some like Status, Braintrust, Binance Coin, and Tether have experienced a decline in their prices.
In other news, Partior, a blockchain payment network backed by major players like JPMorgan, DBS, and Standard Chartered, has secured $60 million (approximately Rs. 500 crore) in Series B funding led by Peak XV Partners. The aim is to establish unified blockchain-based interbank payment rails for instant clearing and settlement, with a focus on enhancing capabilities in intraday foreign-exchange swaps and cross-currency repurchases with the newly raised capital.
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