Crypto Market in Profit, Bitcoin Increases to USD 61,000

There was profit in the crypto market on Friday after the decline of the last few days. The price of Bitcoin, the largest cryptocurrency by market capitalization, increased by 7.63 percent to around $61,285 on international exchanges like CoinMarketCap. It was up nearly six percent at about $65,545 on Indian exchanges. Getting legal status for Bitcoin mining in Russia is a major reason for the boom in the crypto market.

Ether was up by 8.17 percent. Its price was around $2,527. Apart from this, the prices of Avalanche, Tether, Polkadot, Solana, Polygon, Litecoin, Stellar and Cronos have increased. Cryptocurrencies that declined included Near Protocol and meme coin Shiba Inu. in the last day crypto The market capitalization of India was up by about 6.64 percent at about $ 2.15 trillion.

The markets desk of crypto app CoinSwitch told Gadgets360, “The reason for this rise is the increase in investor confidence. Recent regulatory developments have reduced the tension in the market. However, analysts have warned that this recovery could be affected by volatility. Is.” Crypto-related firms in India are waiting for a regulatory framework to grow their business in a safe and legal manner. However, the central government has no plans to regulate this segment. The European Union (EU) and UAE have made rules for the crypto segment.

Recently, in a written reply in the Lok Sabha, Minister of State for Finance Pankaj Chaudhary had said that there is no proposal to make a law to regulate the buying and selling of virtual assets in the near future. MP GM Harish Balayogi had raised questions on the government’s stance regarding this segment. He had asked whether the government has any proposal to bring rules to regulate the crypto segment. In response, Chaudhary said, “There is no proposal to bring a law to regulate the buying and selling of virtual digital assets. However, the Financial Intelligence Unit (FIU) has been authorized for special purposes of monitoring such as anti-money laundering.” Is.” During its presidency of the G20 last year, India collaborated with the International Monetary Fund (IMF) and the Financial Stability Board (FSB) with the aim of drafting crypto-related legislation for G20 group members.