Crypto Market in Red, Bitcoin Price More than USD 59,000, Donald Trump Planning big for Crypto Industry

The price of Bitcoin, the largest cryptocurrency in terms of market value, fell by about one percent on Friday. It was around $ 62,655 on Indian exchanges and around $ 59,022 on international exchanges. However, market analysts are positive for the upcoming weeks.

Ether’s price fell by 0.11 percent. According to Gadgets360’s crypto price tracker, it was at around $2,662. Apart from this, Solana, Polkadot, Cardano and USD Coin declined. The bullish cryptocurrencies included Litecoin, Cartesi and Bitcoin Hedge. In the past one day Crypto ‘s market capitalization was down by about 0.44 percent to about $2.08 trillion.

Shivam Thakral, CEO of crypto exchange BuyUcoin, told Gadgets360, “There is not much information about Donald Trump’s new crypto project. However, it is a sign of growing interest and potential in cryptocurrencies.” In the first half of the current year, the capitalization of the international cryptocurrency market grew by about 44 percent to $720 billion. The launch of Bitcoin ETFs earlier this year has accelerated the growth of this segment. According to a report by crypto exchange Binance, Bitcoin has registered growth between January and June this year. The launch of Bitcoin ETF and the fourth halving of its network are major reasons behind this.

The value of the second largest cryptocurrency Ether has also increased rapidly. About $17 billion has been invested in Bitcoin ETFs in the US. The average trading per day in these ETFs is about $2.3 billion. This year, Bitcoin made a new high level after almost three years. Its price reached more than $73,737 in March. However, it has been declining for the last few months. The central government in the country 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. However, the Financial Intelligence Unit (FIU) has been authorized for special purposes of surveillance such as anti-money laundering.