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Bitcoin nears new all-time high after first ETF, memecoin surge slows

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Bitcoin prices hit an all-time high following the launch of the first bitcoin futures exchange-traded fund (ETF) on the New York Stock Exchange. The world’s most popular cryptocurrency is trading at $63,859 (about Rs 48,04,751), up 1.27 percent in the last 24 hours. In fact, popular US-based exchange Coinbase claims that at one point the valuation of BTC had risen to $64,476 (approximately Rs 48,51,174), holding the all-time high figure of around $64,805 (approximately Rs 48,75,928). Had been. Cryptocurrency trading on Indian exchanges like CoinSwitch Kuber takes place at a price of Rs. 50,17,978 (approximately $66,693) at the time of writing.

While bitcoin’s sprint has the world’s attention, mini-rallies are taking place in other cryptocurrencies as well. Gadgets 360’s cryptocurrency price tracker shows that the second-largest cryptocurrency, Ether, has again reversed a 2% drop from the previous day. Ether Tuesday trade opened at Rs. 2,98,898 (approximately $3,972) and has already increased by 1.27 per cent to Rs. 3,02,749 (about $3,972) at the time of publication.

Others had a mixed day, with Cardano again down 2.46 percent. Memecoins Dogecoin and Shiba Inu also fell, with DOGE falling 3.25 per cent to Rs. 18.26 (about $0.24). SHIB bettered the decline of just 0.65 percent.

Ripple, Uniswap, Litecoin and Polkadot managed to look in the green, while Tether’s valuation fell by a small margin.

As bitcoin prices rise, cryptocurrency tracker CoinMarketCap reports that the market capitalization of all cryptocurrencies has crossed a milestone of $2.5 trillion (approximately Rs 1,87,42,625 crore) – $830 billion (approximately Rs 62 crore). ) an increase of 233 percent. ₹21,688 crore) mark was recorded in early 2021.

Reports also suggest that the position of bitcoin plays a significant role in influencing the market position of other altcoins. The value of bitcoin, as of now, accounts for about 45% of the total crypto market cap.

While the crypto-verse is upbeat in the prospect of an ETF listing in the US, the US Securities and Exchange Commission (SEC) has been consistent in its stance against bitcoin-linked ETFs, claiming they were subject to market manipulation. Some people are on edge in this, but asset management firms are certainly not worried.

While the ProShares ETF debuted on the New York Stock Exchange, a host of large asset management firms such as VanEck and Valkyrie Investments are also arranging their funds for the next few weeks.


Interested in cryptocurrency? We discuss all things Orbital with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

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.

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