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Bitcoin (BTC) and Ether (ETH) Reflect Profits as Crypto Market Sees Recovery in Prices

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Jul 29, 2024 pm 06:10 PM

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Bitcoin is currently riding a wave of positive momentum spurred by former President Trump's announcement to establish Bitcoin as a US strategic asset

Bitcoin (BTC) and Ether (ETH) Reflect Profits as Crypto Market Sees Recovery in Prices

Bitcoin price today, July 29: Bitcoin price opened the week with gains of over three percent. On international exchanges like CoinMarketCap, Bitcoin fiyatı is trading at $69,535 (roughly Rs. 58 lakh), reflecting a profit of 3.16 percent. On the other hand, national exchanges like CoinSwitch saw Bitcoin recording gains of over three percent, currently priced at $72,680 (roughly Rs. 60 lakh). The overall crypto market is seeing recovery in prices after going through a period of correction in recent days.

“Bitcoin is currently riding a wave of positive momentum spurred by former President Trump's announcement to establish Bitcoin as a US strategic asset at Bitcoin 2024 in Nashville. This development has not only boosted Bitcoin's supply dynamics but also highlighted its potential role in the global financial landscape,” Shivam Thakral, CEO of BuyUcoin told Gadgets 360.

Bitcoin price today: A look at the crypto price chart

Bitcoin prices saw a wave of enthusiasm following former US President Donald Trump's announcement at Bitcoin 2024 in Nashville, where he stated his intention to designate Bitcoin as a US strategic asset. This development comes amidst a period of relative calm in the crypto market, following a recent downturn and a pause in major regulatory actions.

The US government is reportedly considering a proposal to purchase one million Bitcoin as a strategy to help reduce the national debt. Senator Cynthia Lummis introduced this proposal, contending that Bitcoin's potential for long-term appreciation could provide a substantial financial advantage to the country over time.

Meanwhile, Michael Saylor, co-founder of MicroStrategy, has predicted good growth for BTC over the coming years – an observation that has contributed to the present ongoing bull run for BTC.

“Saylor forecasts that Bitcoin will account for seven percent of global wealth, with the potential to reach a value of $13 million (roughly Rs. 108 crore) per coin within the next 21 years. He attributes this anticipated growth to Bitcoin's inherent scarcity and its increasing adoption as a preferred store of value,” the CoinSwitch markets desk told 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.

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