Bitcoin, Ether Overcome Mid-Week Blues to Remain Bullish

The global crypto market cap has continued to rise out of the shadows over the past week as rising values make investors more optimistic that the ‘crypto winter’ is finally over, however, Bitcoin has had a relatively disturbed performance the last day compared to other days, as Honduras’ central bank officially denied the adoption of the cryptocurrency as legal tender. The world’s most popular cryptocurrency saw a nominal dip in value through Wednesday. That said things do look better this morning as BTC is up by 0.80 percent, at the time of writing, and looks resilient at $43,477 (roughly Rs. 33 lakh) on Indian exchange CoinSwitch Kuber.

On global exchanges, the price of Bitcoin has continued to hover around the $43,000 (roughly Rs. 33 lakh) mark at $42,930 (roughly Rs. 32.5 lakh), moving up by 2.68 percent over the past 24 hours. As per CoinGecko data, Bitcoin has remained in the green over the past week at 4.1 percent.

Ether, the world’s second-largest cryptocurrency has had a better showing this week than Bitcoin, but Wednesday’s trades reveal a slowing down in upward momentum. At the time of publishing, Ether is valued at $3,070 (roughly Rs. 2.5 lakh) on CoinSwitch Kuber while values on global exchanges see the crypto’s value at $3,030 (roughly Rs. 2.5 lakh), where the coin has seen a strong 24-hour run, gaining 3.51 percent over the past 24 hours.

CoinGecko data reveals that the cryptocurrency’s value has moved up by 9 percent over the past week and a strong 17.4 percent in value over the past month.

Gadgets 360’s cryptocurrency price tracker reveals yet another strong showing from most of the popular altcoins — the global crypto market cap moving up by 2.62 percent over the past 24 hours. While Cardano, Solana, Polkadot, Polygon, and Uniswap were the stars of Wednesday’s show. Avalanche, Binance Coin, and Terra also marked gains.

Meme coins Shiba Inu and Dogecoin had a field day too with DOGE being right up there amongst the list of top gainers on the day. Dogecoin is currently valued at $13 (roughly Rs. 10.5) after rising by 9.69 percent over the last 24 hours, while, Shiba Inu is valued at $0.000025 (roughly Rs. 0.0019), up by 4.45 percent over the past day.

The market resilience is evident from the revived value after the market fluctuated slightly. As the bearishness didn’t last for long, it has strengthened investor trust.

On the regulatory front, crypto assets that are capable of carrying, transferring, and churning out large amounts of finances in a digital state are being considered as taxable entities by several governments around the world. The Organisation for Economic Co-operation and Development (OECD) has drafted rules instructing global tax institutions on how to share crypto-related data among each other.

The aim of this regulatory framework is to merge cryptocurrencies with international tax reporting networks. A formal document has been published by the international policy-making organisation, outlining its proposals.

Elsewhere, Russia’s lower house of parliament, State Duma, has approved a resolution calling for the Digital Ruble — an additional form of the Russian national currency that will be issued digitally by the Bank of Russia — to be designated as a reserve currency.

Sergei Mironov, the leader of the opposition party called ‘A Just Russia’ in the Duma, has also urged the federal government, the central bank, and the operational headquarters to introduce the Digital Ruble in a bid to counter Western sanctions amid the ongoing Ukraine crisis.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.