The price of bitcoin increased in value over the weekend and continued to trade at around $48,000 (around 35 lakhs INR). On Monday, October 4, Bitcoin opened with a slight drop of 1.96%. Despite the marginal decline, the world’s most popular cryptocurrency is trading at INR 36,53,453 (around $49.285) – representing an overall increase in its trade value after Friday, October 1, when Bitcoin was trading at around 34,23,691 INR (approximately $46,082).
Following the recent Chinese crackdown on cryptocurrency-related activities, the value of Bitcoin, among other cryptocurrencies, has seen sharp swings over the past week. However, cryptocurrency prices surged over the weekend, after US Federal Reserve Chairman Jerome Powell reiterated to the cryptocurrency industry that the central bank does not have the intention to ban digital assets open Monday, showing a 2.16% drop.
According to Gadgets 360’s cryptocurrency price tracker, the Ethereum blockchain-based cryptocurrency is currently trading at INR 2,59,219 (around $3,496) exchange rate for most of last week. On Friday, October 1, the altcoin opened with another low, as it traded at around 2,36,255 INR (around $3,179) and $300 (around 22,238 INR) over the weekend.
Cardano, Tether, Ripple and Polka dot opened alongside other cryptocurrencies with small losses in value. Only a handful of cryptocurrencies opened this new week with small profits, such as EOS, Shiba Inu, Neo and Bitcoin SV.
Amid China, which criminalizes crypto activities, and regions like El Salvador, Miami, the United States that support cryptocurrencies, particularly Bitcoin, the cryptocurrency market remained unstable in September. However, other countries are sparking discussions about the benefits of letting these decentralized and unregulated crypto assets work.
For example, the Federal Reserve is known to be trying to create a digital dollar, according to a recent report by FullyCrypto.com. While Tesla CEO Elon Musk said these indestructible cryptocurrencies are here last week, venture capitalist Chamath Palihapitiya said that bitcoin has essentially replaced gold in modern times.
