The digital currency has been meteorically rising in the past few weeks. There is a rise of 150% and the total value raised to $150 billion compared to last year.

Digital currency surpassed $18k per bitcoin, it was an all-time high and top of other cryptocurrencies such as chainlink, Ethereum, Ripple’s XRP, Litecoin. XRP soared 70%, the rest of them went up to 22% and 36%.

Analysts pondering on how long this market will resist but there is a soaring surge and boosting from the U.S. Federal Reserve, and the European Central Bank (ECB).

Bitcoin prices pushed the all-time high prices up to $20000 and then prices fell down to $3000 soon.

Coronavirus pandemic, US families were prevented from gathering as were before Covid19 set bitcoin higher. In this unpredictable scenario, bitcoin value sharply goes high. The bullish flow of currency is evidence to many investors. Due to digital gold bitcoin gathered its reputation. It is finding support from big investors and banks.

In this serious corona arena, US Federal and the ECB decided to provide stimulus around the world. The additional stimulus on assets tweaked by the chairman Jay Powell will be discussed as mentioned in the minutes of Fed published on Wednesday. 

The prices of the equity market and cryptocurrencies have soared, where investors enjoy deployed limitless funds. PayPal payment platform gave the service to buy and sell to users approx 350 million. Arguments against bitcoins have continued for 10 years, even then its user base is growing.

Many economists have different kinds of viewpoints related to bitcoin, bitcoin is continuing to be the best digital assets that are performing in the market at this time. There is an expectation of more rise in prices in the near future.

Crypto Business World

CBW - External Analyst

INDIA