After days of slow movements, the overall crypto market has finally bounced back as majority cryptocurrencies opened with gains on Thursday, January 13. Bitcoin, the world’s oldest cryptocurrency, is currently trading at $47,025 (roughly Rs. 34.7 lakh) with a growth of 1.78 percent on Indian exchange CoinSwitch Kuber. On international exchanges such as Binance and CoinMarketCap as well, Bitcoin has gained over 2 percent bringing its trading value to around $43,598 (roughly Rs. 32.2 lakh).
After weeks of incurring value dips, even meme-based dog coin rivals Dogecoin and Shiba Inu climbed up the price ladder. While DOGE is currently trading at $0.18 (roughly Rs. 13), SHIB is priced $0.000035 (roughly Rs. 0.002555).
Industry experts have predicted a “bullish return” of the crypto market momentum in the coming days.
“The crypto market’s recovery is likely due to US inflation hiking to a 39-year high of 7 percent and the greenback slumping, sending the economy into a state of flux with Asia Pacific markets opening mixed. As investors hedge their bets back into crypto, digital assets once again reclaimed its status as a safe-haven asset. With US inflation showing more staying power, we can anticipate the crypto market to track its bullish return,” the CoinDCX Research Team told Gadgets 360.
Despite the overall market growth, some cryptocurrencies failed to register gains.
Meanwhile, several celebrities have found themselves caught in the crypto sector for different reasons.
NBA players Klay Thompson and Andre Iguodala from the Golden State Warriors team have decided to take a portion of their salaries in Bitcoin. The players have also revealed that they would be donating $1 million (roughly Rs. 7.38 crore) in Bitcoins among fans.
On the other hand, former NBA player Paul Pierce has landed himself in trouble for promoting a cryptocurrency called EthereumMax (EMAX) which grew overnight and lost value by 98 percent some days later costing investors loads of money last year.
Pierce, along with reality TV star Kim Kardashian and American boxer Floyd Mayweather are now staring at a legal investigation for promoting EMAX via their heavily followed social networking accounts.
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.