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- Bitcoin hit an all time high of $49716 before cooling off by 6%. Today its showing signs of strength again as it makes yet another nudge towards $50,000
- Apart from Tesla, institutions like Morgan Stanley are now said to invest big sums in Bitcoin. The cryptocurrency is also now being adopted by companies like Apple as a mode of payment
Bitcoin made another dash towards $50,000! The cryptocurrency gained about 5% currently trading at around $49,500. It hit a lifetime high of $49,716, as per coindesk, making its first dash towards $50,000 on the weekend.
The cryptocurrency momentum first revived earlier this month with the “Elon effect”. Tesla announced its big investment in Bitcoin and its intent to accept the cryptocurrency as a mode of payment for its product. As more corporates adopted Bitcoin, the momentum continued. Morgan Stanley’s $150 billion investment arm is said to bet on Bitcoin, Canada gave the nod to the first Bitcoin ETF in North America. Reportedly, Apple Pay users can also spend their Bitcoin through the app.
Ethereum is seeing a rally as well. The price is up 5.4 per cent today but a couple of dollars away from the record high it touched on Feb 13 of $1,861. Bitcoins are in limited supply but an unlimited number of Ether can be mined.
In India though, the scenario seems to be entirely different. The draft law banning private crypto was listed on the agenda in Parliament. The bill aims to “prohibit all private cryptocurrencies in India” and lay the framework for a digital rupee issued and controlled by the Reserve Bank of India. While it has made the industry jittery, the investments continue. According to WazirX, it took 11 days to hit the billion-dollar mark in trading value in February, when compared with 25-30 days in Jan. Nischal Shetty, Founder & CEO, WazirX says he expects the bill to introduce regulation, rather than banning cryptocurrencies. That, according to him will lift a big overhang on cryptocurrency in India.