After spending most of the weekend below the psychologically important $30,000 (roughly Rs. 23.5 lakh) mark, Bitcoin managed to register a strong bullish divergence early Monday as ardent fans of the cryptocurrency celebrated May 22 as Bitcoin Pizza Day. The price of the largest cryptocurrency by market capitalisation has been on the up through the weekend sitting right above the $30,100 (roughly Rs. 23.5 lakh) mark across global exchanges while Indian exchange CoinSwitch Kuber values BTC at $31,645 (roughly Rs. 24.5 lakh), up by 2.81 percent in the past 24 hours.
On global exchanges like CoinMarketCap, Coinbase, and Binance the price of Bitcoin stands at $30,103 (roughly Rs. 23.5 lakh) moving up by 2.46 percent in value over the past 24 hours. As per CoinGecko data, BTC's value is still below the point where it stood last week, down by 3.6 percent week-to-day.
Ether has also been on the rise through the weekend, followed by a positive start to early Monday. At the time of publishing, Ether is valued at $2,129 (roughly Rs. 1.65 lakh) on CoinSwitch Kuber while values on global exchanges see the crypto's value at $2,027 (roughly Rs. 1.5 lakh), where the cryptocurrency has moved up by 2.76 percent over the past 24 hours.
CoinGecko data reveals that the cryptocurrency's value is still a sizeable 5.3 percent behind prices a week ago.
Gadgets 360's cryptocurrency price tracker reveals that Bitcoin's positive momentum has had a positive impact on altcoins too — as the global crypto market cap moved up by 2.7 percent over the last day. BNB, Cardano, TRON, Avalanche, Polygon, Solana, Litecoin, and Uniswap have all marked gains over the past 24 hours.
Shiba Inu and Dogecoin have also moved up in value over the past day. Dogecoin is currently up to $0.09 (roughly Rs. 7) after gaining 1.61 percent in value over the last 24 hours, while, Shiba Inu is valued at $0.000013 (roughly Rs. 0.000972), up by 1.89 percent over the past day.
"In a recent statement from the G7, finance ministers from the world's seven largest developed economies are looking to speed up regulatory scrutiny in the wake of the recent developments. Despite the ongoing market uncertainty, regulation will serve to strengthen trust and adoption of digital assets, enabling more retail investors to have confidence in entering and trading in the sector. Just as traditional finance has been around for a long time to finesse its regulatory frameworks, only time and opportunities for open discussions will provide a greater understanding of the future of finance and guardrails to protect investors," the research team at CoinDCX tells Gadgets 360.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.