Bitcoin prices fell below the $ 46,000 level on Wednesday when earnings were posted, although the world’s second largest cryptocurrency, Ether, continued its earnings momentum, rising above the $ 1,800 level for the first time.
Bitcoin, the world’s oldest and largest digital capital in terms of market cap ($ 868 billion), hit an all-time high of $ 48,226.25 on Tuesday after US electric car maker Tesla announced 1.5 Having bought billions of dollars in cryptocurrency.
Also read | Inside the third front of the farm agitation
“Bitcoin prices have increased from USD 38,000 to USD 48,000. The main factor that led to this price hike was Tesla’s purchase of Bitcoin and its acceptance as a form of payment. This move by Tesla has set a precedent in which many large companies could now attempt to convert their cash reserves into Bitcoin, “said Ashish Singhal, CEO and co-founder of CoinSwitch Kuber, cryptocurrency investment platform.
The digital currency was trading at $ 46,734, down 1.53% around 1:15 p.m. IST. This is evident from data available with the WazirX crypto exchange. It moved in the range of $ 45,058.07- $ 47,994.99 for the past 24 hours.
Meanwhile, Ether, which hit a market cap of $ 200 billion on Tuesday, rose 4.23% to trade at $ 1,811.31 today. The cryptocurrency hit its all-time high of $ 1,825.87 at the start of the session.
“Ether prices have increased largely due to the CME futures launch, which reached a volume of $ 33 million on day one,” added Singhal.
According to US-based ARK Investment Management LLC, the “hype” of Bitcoin appears to be limited despite Bitcoin’s all-time high compared to Ether. “Compared to 2017, the search interest of Bitcoin is low in relation to the price increase. Measured by the relative search interest of Google when the Bitcoin price rose to over 40,000 US dollars in early January, the” hype “in 2017 only reached 50% of the high near 20,000 U.S. dollar. It’s down nearly 25% since Jan. 8, “the AMC, which manages approximately $ 34.5 billion in assets, said in a recent statement.
“Ether paints a different picture. Google’s relative search interest for ether this cycle reached a higher high than it did after its parabolic move in 2017, “the asset manager said.
In India, the government announced on Tuesday that the bill for private cryptocurrencies will be consolidated and will soon be submitted to the cabinet for approval. On January 29, the government in Lok Sabha published a bill to ban all private cryptocurrencies.
“India has a large talent pool and passionate entrepreneurs ready to devote their lives to realizing the ambitious dream of digital India. We have high expectations for the cryptocurrency regulation law and hope that it will fulfill the aspirations of the new India, “said Shivam Thakral, CEO of BuyUcoin.
Subscribe to something As good as new newsletter
* * Please enter a valid email address
* * Thank you for subscribing to our newsletter.