Bitcoin Sees Big Surge, Price Nears to UsD 1 Lakh, Ether Gains More Than 5 Percent

The crypto market was on Thursday after the Federal Reserve’s decision to retain the interest rate in the US in a range. The biggest cryptocurrency Bitcoin had an increase of about three percent in terms of market value. Bitcoin may soon cross the level of one million dollars.

International Crypto Exchange after this report is published Binance But the price of bitcoin rose nearly three percent to about $ 99,800. The second largest cryptocurrency Ether raised by more than five percent. The Ether’s price was trading at $ 1,946. Apart from this, the price of BNB and XRP has also increased. Bitcoin’s trading volume has been around $ 50 billion in the last one day. The market capitalization of this most popular cryptocurrency is about $ 1.96 lakh crore.

Market analysts say that the short-term in bitcoin may accelerate as investors are looking at it as a value store instead of a betting asset. However, crossing one million dollars of bitcoin can cause selling pressure. The decision not to cut the interest rate of the Federal Reserve is a sign of controlling inflation. Inflow in bitcoin ETFs has also reached high levels with more than $ 40 billion. This has created a positive sentiment in the Crypto market.

The central government’s attitude towards cryptocurrency in India is strict. The Supreme Court has also expressed apprehension about bitcoin. Recently, the Supreme Court described trading in bitcoin as hawala business. Along with this, the court also reprimanded the central government for not clarifying the situation regarding the regulation of virtual currency. Allegedly hearing a case related to illegal trade of bitcoin, a bench of Justices Surya Kant and N. Kotishwar Singh described trading in bitcoin as hawala business. The bench said that during the hearing of a case related to trading in bitcoin about two years ago, it had asked the government to give information about the policy related to the trading of virtual currency but he has not received any answer yet.