Cryptocurrency

Bitcoin, Ether at record highs, worldwide crypto adoption rate gaining momentum

The demand for cryptocurrencies is now picking up. Investors are now turning to digital assets to hedge the impact of inflation.

Bitcoin and Ether on Tuesday set new records for cryptocurrency adoption in Asian trade. The reason was people’s fear of inflation which supported the asset class. Clearly, investors are now turning to digital assets to counter the effects of inflation.

The price of bitcoin soared to $67,803 (approximately Rs 50.07 lakh) and ether, the second largest cryptocurrency by market cap, rose to $4,825 (approximately Rs 3.56 lakh) in the early Asian hours. bitcoin price in india 54.35 lakh on November 9 while price of ether 3.83 lakh was Rs.

both cryptocurrency They have more than doubled in price since June and have risen nearly 70 percent against the dollar since early October. “Crypto is where fast money is made,” said Chris Weston, head of research at brokerage Pepperstone. “(Ether) is trending like a dream and it will be here long and strong,” he said.

“Clients are net long, with 79 per cent of open positions being long, and I think the $5,000 (approximately Rs.3.69 lakh) party may start soon.” (meaning ether may soon reach 5 thousand dollars)
The bitcoin futures exchange-traded fund launched on the New York Stock Exchange in October. It is a financial instrument that has made it easier for people to access bitcoin after its launch. Flow-related gains are now catching up with bitcoin.

According to data from CoinShares, bitcoin inflows totaled $95 million (about Rs 701 crore) last week, which is the largest inflow of all digital assets. Whereas during the eight-week bull run, this flow was shown on November 8 at $ 2.8 billion (approximately Rs 20,681 crore).

In recent weeks, Australia’s largest bank has also said it will offer crypto trading to retail customers. On the other hand, Singapore authorities have also shown a positive response to the asset class and this positive mood has also been seen in the stocks.

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