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Bitcoin Breaches $50k Mark Again
Following an agonizing month of September, Bitcoin finally crossed the $50,000 mark for the first time in four weeks.
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Bitcoin, the world's largest cryptocurrency by market capitalization rose more than five percent to hit $50,312 on 5th October.
Vikram Subburaj, Co-founder and CEO of Giottus Cryptocurrency Exchange said: “We can expect some good bullish performance if it can sustain its price above 50k.”
WazirX, which is also India's leading cryptocurrency exchange that allows users to buy, sell, and trade various cryptos like Bitcoin, Ether, Litecoin, etc. the crypto market has been on a correction course in the past few months. “Countries around the world are working towards crypto positive regulations. The crypto market has been correcting since the last few months and we’re looking at Bitcoin breaking $52,000 to venture into a new trend. This volatility in the market is good because it brings in some action; at the same time, support and resistance are tested multiple times,” said Siddharth Menon, COO WazirX.
It may be recalled that the value of a single Bitcoin had fallen below that $50K nearly a month back amid a broader selloff in shares of cryptocurrency and blockchain-related firms. It continued to nosedive in September, hitting a low of $40,596 on September 21 this year. In the process, institutional investors are now pumping more money into Ethereum than Bitcoin.
“It’s great to see Bitcoin reach USD 50,000 again. The surge in Bitcoin is indicative of retail and institutional investors being bullish on the asset for the past year. There is an increasing awareness about Bitcoin and other cryptocurrencies among Indians, with people from tier-II and tier-III cities driving adoption. This mass adoption spells a positive outlook for Bitcoin prices,” reveals Ashish Singhal, Co-founder & CEO, CoinSwitch Kuber, app-based cryptocurrency exchange platform exclusive to the Indian market for retail investors.
The development comes close on the heels of the People's Bank of China (PBoC) recently declaring that all crypto activity barring possession of crypto is illegal. However, in India it is not dealing with Cryptocurrency is not deemed unlawful even though there are no prescribed guidelines for this sector.
As Singhal from CoinSwitch Kuber puts it, “We expect the government to bring in positive regulations for the Indian cryptocurrency industry that will foster not just cryptocurrency space but also the technologies, like blockchain, associated with it, creating a significant spot for India on the map of global technology leaders. The regulations will bring certainty for interested investors who have been hesitant so far due to the lack of clear regulations and encourage more cryptocurrency adoption in the country.”