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

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

Ether was up 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. The cryptocurrencies that declined included Near Protocol and meme coin Shiba Inu. In the past one day Crypto Market capitalization of was up by approximately 6.64 percent at around $2.15 trillion.

The markets desk of crypto app CoinSwitch told Gadgets360, “The reason for this boom is the increased confidence of investors. Recent regulatory developments have reduced market tensions. However, analysts have warned that volatility may affect this recovery.” Crypto 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 purchase and sale of virtual assets in the near future. MP GM Harish Balayogi had questioned the government’s stand on this segment. He had asked whether the government has any proposal to bring rules to regulate the crypto segment. In response to this, Chaudhary said, “There is no proposal to bring a law to regulate the purchase and sale of virtual digital assets. However, the Financial Intelligence Unit (FIU) has been authorized for special purposes of surveillance such as anti-money laundering.” During its presidency of the G20 last year, India collaborated with the International Monetary Fund (IMF) and the Financial Stability Board (FSB) to draft a crypto-related law for the members of the G20 group.