The market remained volatile for more than a week after China imposed a ban on cryptocurrency activity. Now the price of Bitcoin went up 4.35 per cent on Tuesday. The world’s most precious cryptocurrency is currently trading at Rs 38,15,086 (about $51,160). This is the first time since August 22, 2021 that Bitcoin has managed to cross the $50,000 mark. The cryptocurrency started showing positive recovery results earlier this week. Bitcoin opened at Rs 36,53,453 (about $49,285) on Monday, October 4.
Green colour dominated most cryptocurrencies in the cryptocurrency price tracker of Gadget 360 and Ether also rose. It gained marginally by 0.84 per cent to open at Rs 2,61,161 (about $3,502). The ethereum blockchain-based cryptocurrency also fell prey to market waves and had recorded a decline more frequently than an increase last week. For example, the day before ether had seen a 2.16 per cent fall in price.
The mim-based cryptocurrency Dogecoin started its trade with a slight gain and is now trading at Rs 18.60 (about $0.25) with a growth of 11.19%.
“The new week began with a boom in the cryptocurrency market. Most of the top cryptocurrencies had a stable session in the last 24 hours. Stability is obviously a positive sign for the market with a steady increase in total trade volume. Edul Patel, CEO and co-founder of crypto-investment platform Mudrex, told Gadgets 360.
China’s ban on crypto-activity strengthened bitcoin, according to former NSA whistleblower Edward Snowden. Bitcoin fans expected the cryptocurrency to recover soon after China’s crypto-crackdown. Now, they have also proved to be correct from the current figures.
Meanwhile, bitcoin has been warmly welcomed in many parts of the world in recent times.
Earlier in September, the Central American country of El Salvador made Bitcoin a legal tender with the US dollar – the country’s offishial currency.
Miami, US, also released its first indigenous crypto coin called “MiamiCoin.” It is based on Bitcoin technology.