Bitcoin jumps to $58,728 as cryptos extend gains

Author: Monitoring Desk

The cryptocurrency market continued the positive momentum for the second day in a row on Thursday, with the market capitalisation gaining 2.9 percent to reach $2.78 trillion as of 1300 hours GMT. The largest cryptocurrency Bitcoin edged up by 3.95 percent to reach $58,728. With this increase in price, the market capitalisation of the biggest cryptocurrency has reached 1.10 trillion.

Ether, the world’s second-largest cryptocurrency by market capitalisation, gained 3.95 percent to reach $4,449. With this increase in price, the market capitalisation of ETH has reached $522 billion.

Similarly, XRP price increased by 1.89 percent to reach $1.05. The market capitalisation of XRP stands at $105.3 billion after this increase.

Likewise, Cardano (ADA) price went up by 3.18 percent to reach $1.72. Its market capitalisation has reached $56.4 billion with this gain. Following suit, Dogecoin (DOGE) price surged by 2.36 percent to reach $0.223. With this increase in price, the market capitalisation of Doge has reached $29.5 billion.

Meanwhile, crypto prices have been plummeting in India since a government proposed bill seeking to ban private virtual currencies sent holders into a panic-selling mode. According to reports, there was a 15-20 percent crash in prices once investors engaged in panic selling. A similar knee-jerk reaction was seen in January when the contents of the bill were disclosed.

Cryptocurrency exchange founders on Wednesday assured nervous investors that their assets were secure, claiming the government’s announcement was a positive step which will not just help in structured adoption but will also put a tight check on unregulated crypto markets. Investors, however, ran into difficulties while trying to transfer funds to different exchanges after purchasing the assets at a lower cost.

The Cryptocurrency and Regulation of Official Digital Currency Bill, which reportedly seeks to safeguard small investors by treating cryptocurrency as a financial asset, is set to be introduced by the Indian government in the upcoming winter session of the parliament. The bill aims to prohibit all private cryptocurrencies except “certain exceptions to promote the underlying technology of cryptocurrency and uses.”