Bitcoin (BTC) Sees Strong Recovery After Hitting Slump Last Week

At present, Bitcoin is trading at $62,796 (roughly Rs. 52.4 lakh) after seeing a price rise of 4.82 percent over the last 24 hours.

Bitcoin price saw a strong recovery on Monday, after the world's oldest cryptocurrency hit a slump in market momentum last week, owing to macro-economic conditions that imposed selling pressure on investors. At present, Bitcoin is trading at $62,796 (roughly Rs. 52.4 lakh) after seeing a price rise of 4.82 percent over the last 24 hours. The asset is trading at $66,037 (roughly Rs. 55 lakh) on national exchanges like WazirX, with an increase of four percent since Sunday.

Ether joined BTC on the route to recovery. Ether, at the time of writing, is trading at $3,331 (roughly Rs. 2.78 lakh) on international exchanges after seeing a gain of 4.11 percent in the last 24 hours. As per the crypto price tracker by Gadgets360, the value of ETH stands at $3,531 (roughly Rs. 2.95 lakh).

“An assassination attempt on the former US President Donald Trump has significantly influenced market sentiment, as Trump's odds of winning the 2024 election have risen to 70 percent according to various analyses. Trump's pro-crypto stance, emphasising the protection of individual's rights to own cryptoassets, has further fueled positive sentiment within the crypto community,” the CoinSwitch Markets Desk told Gadgets 360.

“Ethereum outperformed Bitcoin in weekly gains with a rise above $3,300 (roughly Rs. 2.75 lakh). Market participants are also optimistic about the approval of spot Ether ETFs expected this week, which could boost interest in Ethereum,” Mudrex CEO Edul Patel said.

The prices of Solana, Ripple, Dogecoin, Cardano, Shiba Inu, and Avalanche saw a notable increase on Monday.

Meanwhile, Polkadot, Chainlink, Leo, Polygon, Uniswap, Stellar, and Cronos also rose in value.

In conversation with Gadgets 360, Avinash Shekhar, Co-Founder and CEO of Pi42 said, “The selling pressure for Bitcoin from German government is now over. About 50,000 BTC was offloaded in this process. This impacted the prices negatively. There's still a few more scares remaining, especially related to the Mt. Gox reimbursement plan.” Shekhar said, predicting some volatility in the coming days.

The overall crypto market cap grew by 3.80 percent over the last 24 hours. With this, the valuation of the crypto market has risen to $2.29 trillion (roughly Rs. 1,91,30,394 crore), as per CoinMarketCap.

Cryptocurrencies that have dropped in value over the past 24 hours include Status, Braintrust, Binance Coin, and Tether.

In other developments, Partior, a blockchain payment network backed by JPMorgan, DBS, and Standard Chartered, has secured $60 million (roughly Rs. 500 crore) in Series B funding led by Peak XV Partners. The joint venture aims to establish unified blockchain-based interbank payment rails for instant clearing and settlement. The newly raised capital will be used to enhance Partior's capabilities in intraday foreign-exchange swaps and cross-currency repurchases.

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.

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