Bitcoin price rose in value over the weekend and kept trading for roughly $48,000 (roughly Rs. 35 lakhs). On Monday, October 4, Bitcoin opened with a slight dip of 1.96 percent. Despite the marginal drop, the world's most-valued cryptocurrency is trading at Rs. 36,53,453 (roughly $49,285) — representing an overall rise in its exchange value after Friday, October 1, when Bitcoin was trading at around Rs. 34,23,691 (roughly $46,082). Following China's recent crackdown on crypto-related activities, the value of Bitcoin, among other cryptocurrencies witnessed major fluctuations last week. The prices of cryptocurrencies surged over the weekend however, after the US Federal Reserve Chair Jerome Powell reaffirmed to the crypto sector that the central bank has no intentions on banning digital assets
Ether also witnessed a low opening on Monday. Registering a drop of 2.16 percent – the cryptocurrency based on Ethereum blockchain is currently trading at Rs. 2,59,219 (roughly $3,496), as per the Gadgets 360 cryptocurrency price tracker.
The world's second most-valued crypto had been registering dips in exchange values for most of last week as well. On Friday, October 1, the altcoin had opened with another low — when it was trading at around Rs. 2,36,255 (roughly $3,179). It is noteworthy however, that Ether did manage to recover in its overall value that rose by nearly $300 (roughly Rs. 22,238) over the weekend.
Between China criminalising crypto-activities and regions like El Salvador, Miami, US rooting for cryptocurrencies, especially Bitcoin – the crypto market has remained unstable in September.
More countries, however, are sparking discussions around the benefits of allowing the functioning of these unregulated and decentralised crypto-assets.
For instance, US Federal Reserve is known to be looking at creating a digital dollar, a report by FullyCrypto.com recently said.
Last week, while Tesla CEO Elon Musk said that these indestructible cryptocurrencies are here to say, venture capitalist Chamath Palihapitiya said that Bitcoin has essentially replaced gold in modern times.