Maintaining its streak of more losses and lesser gains, Bitcoin rang in Tuesday, December 14 with an overall fall of 3.43 percent in its value. On Indian exchange CoinSwitch Kuber, the world’s oldest cryptocurrency is trading at $50,553 (roughly Rs. 38 lakh). On international exchanges like CoinMarketCap, Bitcoin value is hovering around $47,235 (roughly Rs. 35 lakh). This is the fourth consecutive week that Bitcoin has failed to rally closer to its all-time high of $68,327.99 (roughly Rs. 50.5 lakh).
Ahead of Christmas, industry experts predict the crypto market volatility to remain active in the coming days.
“The two largest cryptocurrencies by market cap, Bitcoin and Ether, continued to hover around their inflection points. Although Ether dropped below the crucial support at $4000 (roughly Rs. 3 lakh) at one point, Bitcoin remained fairly range-bound. With the ‘cryptocurrency fear and greed’ index showing fear in the market, we can expect the coming few days to remain volatile,” Edul Patel, CEO and Co-Founder of crypto investment firm Mudrex told Gadgets 360.
Meanwhile, crypto adoption remains a matter of discussion in a bunch of nations.
Recently, a Nigerian minister advised the government there to keep an open approach towards crypto adoption.
Indian Prime Minister Narendra Modi has also recently said that cryptocurrencies should be used to empower democracy, not undermine it. His statements came at a time Indian policymakers fear that unregulated transactions in digital currencies could hurt macroeconomic and financial stability.