According to CoinDesk data, Bitcoin resumed its upward trajectory on Thursday, rising 1.34 percent to trade at $53,311. Notably, the price reached $50,000 on Tuesday—a major milestone—for the first time in over two years. The price of bitcoin was $50,000 in December 2021.
There has also been an increase in other crypto coins. According to CoinDesk data, at 14:50 GMT, Ethereum increased by 3% to trade at $2,845, Binance Coin increased by 8.4% to $359, and XRP increased by 3.35 percent to $0.55.
“The market optimism around Bitcoin halving continues as Bitcoin has regained a $1 trillion market cap above $52,000 and is just 30 per cent away from all time high. One event investors should pay close attention to is the recent Genesis court approval to redeem its Grayscale Bitcoin Trust holdings valued at $1.3 billion and potential impacts on the cryptocurrency market,” stated Shivam Thakral, CEO at BuyUcoin.
Beginning of the cryptocurrency trail
“The approval of spot Bitcoin ETFs has led to increased institutional interest, with the offerings from BlackRock and Fidelity already amassing more than $5billion and $4 billion in Bitcoin AUMs. They are the most successful ETF offerings ever, and it has only been their first month of launch. This constant buying pressure has resulted in a significant increase in Bitcoin’s price and a broader acceptance of crypto as a legitimate asset class. Fidelity has already added 1-3% BTC exposure to its “All in One” ETF offering in Canada, to provide higher risk-adjusted returns to its users! With such passive inflows entering the fray, Crypto Spring has arrived early,” added Parth Chaturvedi, Investments Lead, CoinSwitch Ventures.
The industry is feeling more optimistic as a result of the price increase. It is also regarded as a sign of the asset class’s increasing acceptance of bitcoin. According to CoinDCX’s Sumit Gupta, the number of user logins increased threefold on their site.
“This development not only validates the growing acceptance of Bitcoin but also underscores its potential as an investment asset. This surge in Bitcoin prices is poised to attract a diverse array of retail and institutional investors in India, thereby fostering greater adoption and liquidity. We have already seen 3x new user sign ups on our platform. The evolving narrative around crypto assets and increasing investor curiosity indicates a promising outlook for the Indian VDA market. However, 1 percent TDS and 30 per cent tax continues to remain a deterrent for many potential investors,” Sumit Gupta, Co-founder, CoinDCX mentioned.
