Although the prices of two of the world’s largest currencies bitcoin and ethereum are also going up and down, but since the beginning of the year till now they have seen tremendous increase. This is the reason that even now both these currencies are proving to be a profitable deal for the investors.
Overall, the cryptocurrency market has lost up to 60 percent so far. After witnessing the biggest drop of the year, there has been a slight correction in the price of bitcoin. It was trading its lowest price since January at $30,000 which is now trading at $37,000 with some correction. Last Friday saw the biggest single day drop in the prices of bitcoin and ethereum. This fall was the biggest drop since March 2020.
Bitcoin price as of writing the news (Bitcoin Price in India) was approximately Rs 27.98 lakh. At the same time, the price of Ethereum (Ethereum Price in India) was Rs 1.88 lakh. The price of the meme based cryptocurrency dogecoin (Dogecoin Price in India) was close to Rs.26. In this episode the price of Litecoin (Litecoin Price in India) was close to 13 thousand.
It is to be known that last week China banned the transaction of cryptocurrencies. Issuing the order, China, one of the world’s largest economies, said that it prohibits its financial institutions and payment companies from transacting or providing related services through cryptocurrencies. Since then the price of bitcoin has seen a sharp decline. However, later the market started climbing up.
Elon Musk, the owner of electric car maker Tesla, before China’s ban on cryptocurrency, said in a statement that he would no longer accept bitcoin as payment for car purchases at Tesla. Since this decision, the price of bitcoin had started falling. But for the time being, with some improvement in the market of this digital currency, investors seem to be getting some hope.