Bitcoin Price More than USD 65,000, Going Near to Highest Level

The price of Bitcoin, the largest cryptocurrency in terms of market value, was more than $65,000 on Tuesday. The price of Bitcoin has increased by approximately $1,551 in the last one day. It is approaching the high level of around $69,000. The sentiment in the crypto market is positive. The main reason for this is the increase in funding in spot Bitcoin ETFs.

There was a decline in Ether. Its price was around $3,450. It has decreased by about $23 in the last one day. Market experts say that Ethereum has grown significantly in the last few years. This has increased by approximately 128 percent since last year. In the last one day, the market capitalization of crypto increased by about 5.17 percent to about $ 2.5 trillion. Bitcoin’s share in the crypto market is about 52.5 percent.

Edul Patel, CEO of crypto app Mudrex, told Gadgets360, “Bitcoin is on its way to breaking through its highs. The number of whales holding at least 1,000 Bitcoins has increased by nearly five percent this year. as well as all Bitcoin About 97 percent of the addresses are profitable. This is indicating an increase in demand.” The trade desk of ZebPay, one of the largest crypto apps, said, “There is apprehension among investors due to the decision of the Ethereum Foundation to sell ETH worth about $ 13 million. This can cause big movement in the market. “There is strong resistance for ETH at $3,750 and $4,000.”

The crypto market is getting a boost from the leaders of some big countries as well as investors. Recently, Prime Minister Narendra Modi had expressed the need for global cooperation to deal with emerging technologies like Artificial Intelligence (AI) and cryptocurrency. There is enthusiasm among investors after the approval of Bitcoin Exchange Traded Fund (ETF) by the Securities Regulator SEC in America. Growth is being affected due to high taxes on crypto segment in the country. Before the budget presented last month, the crypto industry had requested the central government to reduce taxes on this segment. However, Finance Minister Nirmala Sitharaman did not make any mention of cryptocurrencies in the interim budget. Due to this, the stakeholders associated with this industry were disappointed.