The second largest cryptocurrency Ether had a profit of about 5.41 percent. Its price was at $4,043. Ether has increased by about $203 in the last one day. Apart from this, the prices of Tether, Solana, Ripple, USD Coin, Cardano, Polkadot, Tron and Litecoin have increased. The market capitalization of crypto increased by 4.28 percent in the last one day to about $ 2.71 trillion and was at this year’s high.
Rajagopal Menon, vice president of crypto exchange WazirX, told Gadgets360, “Increased interest from institutional investors in Bitcoin is a major reason for the rally. For example, the London Stock Exchange has announced that it will allow Bitcoin and Ethereum exchange traded notes this year. (ETN). This is indicating an increase in demand for Bitcoin ETF. This may increase profits in the crypto market. The trade desk of another crypto exchange ZebPay said, “The price of Ether has increased by almost 85 percent since the beginning of this year. The bullish sentiment for it remains intact.”
This segment is being promoted by leaders of some big countries as well as investors. Recently, Prime Minister Narendra Modi had emphasized on global cooperation to deal with emerging technologies like Artificial Intelligence (AI) and cryptocurrency. From the securities regulator SEC in America Bitcoin There is enthusiasm among investors after the approval of Exchange Traded Fund (ETF). However, due to high taxes on the crypto segment in the country, growth is being affected. 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. Regulators in some countries have warned about cryptocurrencies.