Bitcoin rose as much as 3 percent on Tuesday to surpass $45,000 for the first time since April 2022.
Crypto has not only given investors a pleasant surprise but also given new hope, thus attracting many who have not ventured into crypto investing for a long time.
Bitcoin touched a 21-month high of $45,386 in Monday’s trading, and was up 2% to $44,980 in Monday’s trading, before breaking above $45,000 this morning. The pair rose more than 1 percent to trade at $2,376 in morning trade.
BTC value has grown by around 152 percent in 2023 and has given investors huge profits. While the price of BTC has grown wildly in 2021, the financial year 2022 has been hit hard by the closure of several major projects and the wholesale ban on crypto investment and mining in China.
Reason behind Bitcoin price increase:
In 2023, the head of the FTX platform, Bankman Fried, was arrested and pleaded guilty to around 7 charges, sparking new hope among crypto investors. Similarly, talks about the approval of a Bitcoin-related ETF project are also a major reason for Bitcoin’s rise of 152 percent in 2023.
The prime reason behind the hike in the prices of Bitcoin is the expectation that the US Securities and Exchange Commission (SEC) will approve the launch of a spot BTC Exchange-Traded Fund (ETF).
Although investors have largely left crypto-related investments due to excessive bans, taxes, and restrictions on crypto investment in India, a significant number of investors still continue to invest.
Last 24 hours status of Bitcoin and other cryptos
Bitcoin has gained about 6.76 percent in the last 24 hours and is trading at $45,284+. With this, its total market value has increased to 887 billion dollars.
Also, Ethereum is trading at $2,300+, Tether at $1, Solano at $107, Binance at $318, Ripple at $0.63, USDC at $1, and Cardano at $0.61. All of the top 10 cryptocurrencies are on a growth trajectory.
On January 3, the Bitcoin rates were recorded at $45,257.70, not close to dipping below its 21-month high. The rates were 0.70 percent higher than the closing price of the cryptocurrency. This also led to an overall surge in the cryptocurrency market in the first few days of January.
With the Bitcoin prices surging above $45,000 for the first time in months, the rates of the cryptocurrency in India were recorded at ₹37,66,766.47 on Wednesday, up by ₹22,454 after the sudden price surge.
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