Bitcoin price surged over the weekend and continued to trade around $48,000 (approximately Rs 35 lakh). On Monday, October 4, bitcoin opened with a slight decline of 1.96 percent. Despite a slight decline, the world’s most valuable cryptocurrency is trading at Rs. 36,53,453 (approximately $49,285) – represents an overall increase in its exchange value since Friday, October 1, when bitcoin was trading at around Rs. 34,23,691 (approximately $46,082). Following China’s recent crackdown on crypto-related activities, the value of bitcoin, among other cryptocurrencies, saw major volatility last week. Cryptocurrency prices surged over the weekend, however, with US Federal Reserve Chairman Jerome Powell reaffirming to the cryptocurrency sector that central banks have no intention of banning digital assets.
Ether also saw a lower opening on Monday. The cryptocurrency based on the Ethereum blockchain is currently trading at Rs. 2,59,219 (approximately $3,496), according to the Gadgets 360 cryptocurrency price tracker.
The world’s second most valuable crypto had been recording declining exchange values for most of the past week. On Friday, October 1, the altcoin had opened with another low – when it closed around Rs. 2,36,255 (about $3,179). However, it is worth mentioning that Ether managed to improve its overall price, rising around $300 (approximately Rs 22,238) over the weekend.
Other cryptocurrencies including Cardano, Tether, Ripple and Polkadot also opened with minor losses.
Only a handful of cryptocurrencies started this new week with small gains. These include EOS, Shiba Inu, Neo and Bitcoin SV.
Between China criminalizing crypto-activities and areas like El Salvador, Miami, US routing for cryptocurrencies, especially bitcoin – the crypto market has been volatile in September.
However, more countries are discussing the benefits of allowing the functioning of these unregulated and decentralized crypto-assets.
For example, the US Federal Reserve is known to create the digital dollar, a report by FullCrypto.com said recently.
Last week, while Tesla CEO Elon Musk said that these indestructible cryptocurrencies are here to say, venture capitalist Chamath Palihapitiya said that bitcoin has essentially replaced gold in modern times.
Cryptocurrency is an unregulated digital currency, is not legal tender and is subject to market risks. The information in this article is not intended to be financial advice, trading advice or any other advice or a recommendation of any kind offered or endorsed by NDTV. NDTV shall not be liable for any loss arising out of any investment based on any alleged recommendation, forecast or any other information contained in the article.