Bitcoin, which crossed the $30,000 mark (roughly Rs. 23.6 lakhs) only a few days ago, is now again trying to reclaim that price point. The costliest cryptocurrency managed to post a small gain of 1.60 percent on Thursday, May 4. At the time of writing, bitcoin is trading at $28,986 (roughly Rs. 23.6 lakhs) on both national and international exchanges. In the last 24 hours, the value of bitcoin has increased by $528 (roughly Rs. 43,140).
ether Price-wise on Thursday, it was trading at $1,898 (roughly Rs. 1.55 lakh), up 1.90 per cent. Ether has gained $38 (roughly Rs. 3,104) in the last 24 hours.
The small increase for most altcoins comes against the backdrop of another hike in interest rates, which the US announced on May 3 to fight inflation there.
“Bitcoin recovered after the US Federal Reserve’s 25 bps interest rate hike. Strategists suggest that the ongoing US banking crisis is driving up crypto prices as another potential bank failure looms.” Rajagopal Menon, Vice President, WazirX tells Gadgets 360 “Investors will also be monitoring the impact on crypto of the US employment numbers on Friday,” it added.
Stocks held steady as the US dollar hit a record low on Thursday. it is included lanyard, usd coin, WaveAnd binance usd,
tron, bitcoin cash, chronos, elrondAnd bitcoin sv Losses were also registered next to stablecoins.
Meanwhile, cryptocurrencies that did manage to see gains closed with smaller gains.
binance coin, cardano, polygon, solana, polka dotAnd Litecoin – All marginal profits were recorded.
The overall crypto market gained 1.65 percent in the last 24 hours. According to coinmarket capThe valuation of the crypto sector was $1.65 trillion (roughly Rs. 97,74,533 crore).
Industry insiders believe that the crypto market is bound to rise in the coming days, especially due to the latest banking unrest in the US and the weakening of expected jobs data there.
“Additionally, the bitcoin hash rate has just spiked to 439 exahash per second, and the number of transactions processed on the bitcoin blockchain in a single day has exceeded 682,000, demonstrating the strength and stability of the network, and the ability to adapt to various use cases.” demonstrates the growing adoption of bitcoin for the U.S., the research team at CoinDCX crypto exchange told Gadgets 360.
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