15.8 C
New York
Monday, April 19, 2021

Led by Bitcoin, global cryptocurrency market crosses $2 tn for first time

Must read

J&J, other drugmakers go to trial in California in $50 billion case over ‘deadly legacy’ of opioids

Politics16 minutes ago (Apr 19, 2021 06:26PM ET) 3/3 (C) Reuters. FILE PHOTO: A Teva Pharmaceutical Industries building is seen in Jerusalem 2/3 By Nate Raymond and Brendan...

Canada rolls out post-pandemic spending plan ahead of likely election

2/2 (C) Reuters. Canada presents 2021 budget with stimulus for post-pandemic economic recovery, in Ottawa 2/2 By Julie Gordon OTTAWA (Reuters) -Canadian Prime Minister Justin Trudeau's government...

U.S. Republicans spotlight AOC PAC’s contributions to vulnerable House Democrats

Politics17 minutes ago (Apr 19, 2021 06:25PM ET) (C) Reuters. FILE PHOTO: U.S. Rep. Alexandria Ocasio-Cortez (D-NY) makes campaign stop in Queens during Democratic congressional...

WTA roundup: Belinda Bencic wins first-round match at Stuttgart

Sports & General47 minutes ago (Apr 19, 2021 05:55PM ET) (C) Reuters. WTA 500 - Stuttgart Open Eighth-seeded Belinda Bencic of Switzerland cruised to a 6-4,...


Led by Bitcoin, the global market has zoomed past $2 trillion in market capitalisation amid a surge in institutional demand.


alone has contributed more than $1 trillion after its price more than doubled in 2021 and is currently hovering around $57,000 per digital coin.


The other key — Ethereum, Binance Coin, Polkadot, Tether and Cardano — have a combined value of about $422 billion.


The electric car company Tesla has announced to start accepting as payment. Tesla has already invested $1.5 billion in Bitcoins.


Tesla CEO Elon Musk said late last month that people in the US can now buy a Tesla with Bitcoins, and the option to pay with the popular will be available to other countries later this year.


According to Shivam Thakral, CEO, BuyUcoin, the digital assets have beaten every other asset class as and Ethereum have grown 100 per cent and 190 per cent this year, respectively.


“The growing global support for crypto industry is not surprising as think tanks/institutions across the globe have realised the importance of digital assets and want to take first mover advantage. There is no other asset class in the world which can provide such a strong hedge against inflation,” Thakral said in a statement on Wednesday.


In India, with Union Finance Minister Nirmala Sitharaman saying that all windows on will not be closed down, industry stakeholders last month said that a positive move at this point can unleash a host of opportunities for the country.


India’s leading players, represented by IAMAI (Internet and Mobile Association of India) have appealed to the government of India not to ban cryptocurrency, saying that a robust mechanism to regulate the ecosystem is needed.


The government has listed the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 for introduction, consideration and passing in the current session of Parliament.


Reports indicate that India probably aims to launch its own digital currency i.e. Central Bank Digital Currency (CBDC).


This measure will be in line with many central banks which have begun planning to issue their own digital currencies.


–IANS


na/ksk/

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor




Read our full coverage on cryptocurrencies



First Published: Wed, April 07 2021. 10:44 IST

- Advertisement -

Latest article

J&J, other drugmakers go to trial in California in $50 billion case over ‘deadly legacy’ of opioids

Politics16 minutes ago (Apr 19, 2021 06:26PM ET) 3/3 (C) Reuters. FILE PHOTO: A Teva Pharmaceutical Industries building is seen in Jerusalem 2/3 By Nate Raymond and Brendan...

Canada rolls out post-pandemic spending plan ahead of likely election

2/2 (C) Reuters. Canada presents 2021 budget with stimulus for post-pandemic economic recovery, in Ottawa 2/2 By Julie Gordon OTTAWA (Reuters) -Canadian Prime Minister Justin Trudeau's government...

U.S. Republicans spotlight AOC PAC’s contributions to vulnerable House Democrats

Politics17 minutes ago (Apr 19, 2021 06:25PM ET) (C) Reuters. FILE PHOTO: U.S. Rep. Alexandria Ocasio-Cortez (D-NY) makes campaign stop in Queens during Democratic congressional...

WTA roundup: Belinda Bencic wins first-round match at Stuttgart

Sports & General47 minutes ago (Apr 19, 2021 05:55PM ET) (C) Reuters. WTA 500 - Stuttgart Open Eighth-seeded Belinda Bencic of Switzerland cruised to a 6-4,...

Biden, bipartisan lawmakers meet on infrastructure push

World56 minutes ago (Apr 19, 2021 05:46PM ET) 3/3 (C) Reuters. FILE PHOTO: U.S. President Biden holds coronavirus response meeting with members of Congress at the...