Cryptocurrency bulls started a week after Bitcoin ended a record ninth week in the red on Sunday. In line with stock market movements in Europe and Asia, Bitcoin and a host of popular altcoins saw a spike in value after China said it would ease Covid restrictions. The price of the largest cryptocurrency by market capitalization is up nearly 5% through the end of Monday with the metrics also surging early Tuesday. Numerologically, BTC is currently around $31,600 (approximately Rs 24.5 lakh) on global exchanges while Indian exchange CoinSwitch Kuber values Bitcoin at $33,269 (around Rs 26 lakh), up 4.79% in the last 24 hours.
On global exchanges like CoinMarketCap, Coinbase, and Binance, Bitcoin price stands at $31,651 (about Rs 24.5 lakh), up 4.51% in value over the past 24 hours. According to CoinGecko dataThe value of BTC has edged higher from where it was last week, up 8.7% on a weekly basis.
Although Bitcoin has held up well during a difficult month, Ether has not been kept too well. That said, the second most popular cryptocurrency has started the week on a strong footing. At the time of publication, Ether is valued at $2,084 (approximately 1.6 lakh) on CoinSwitch Kuber while the value on global exchanges shows the value of the cryptocurrency at $1,983 (approximately $1). ,5 lakh), where the cryptocurrency has increased by 5.85% over the last 24 hours.
The strong performance of Ether in the last 24 hours means that the value of the cryptocurrency has up 0.6 percent compared to last week’s value, according to CoinGecko data.
Gadgets 360’s Cryptocurrency price tracker shows a green spectacle for most well-known altcoins – as the global crypto market cap is up 4.26% in the last 24 hours. Cardano, Polygon, Litecoin, Uniswapand Chain link are among the bigger bulls, while metaverse tokens like Decentraland also pretty good.
Memecoins Shiba Inu and Dogecoin see less movement although DOGE has better results. Dogecoin is currently worth $0.09 (about Rs 7.5) after increasing 1.69 percent in value in the last 24 hours, while, Shiba Inu valued at $0.000013 (approximately Rs. 0.000971), down 0.21 percent over the past day.
Meanwhile, the Indian government announced that they will soon complete a consultation on cryptocurrencies with input from various stakeholders and institutions, including the World Bank and the IMF, Economic Affairs Minister Ajay Seth said on Monday. He also emphasized the need for a global response to address issues related to cryptocurrencies as they operate in the virtual world. The Reserve Bank of India (RBI) has on several occasions expressed its reservations about such virtual currencies citing threats to macroeconomic stability.
Speaking on the sidelines of the closing event of the ‘Iconic Week’ within the framework of Azadi Ka Amrit Mahotsav to be organized by the Ministry of Finance, Seth said the consultation was quite ready.
“We have consulted not only with domestic institutional stakeholders but also institutions such as the World Bank and the IMF. So we hope that we will soon,” he said. finalize its consultation document”.
Cryptocurrency is an unregulated digital currency that is not a legal tender and is subject to market risk. The information provided in the article is not intended and does not constitute financial advice, trading advice or any other advice or recommendation of any kind provided or endorsed by NDTV. NDTV will not be liable for any loss arising from any investment based on any recommendations, forecasts or any other information contained in the article.
