According to the capitalisation value, bitcoin is the largest cryptocurrency in the market. It affects the other cryptocurrencies. It reached $69,000, but it started to decline after this. However, the cryptocurrency could not reach back to the price of even $50,000 during the whole of November and December. However, recently, bitcoin prices reached day for $49,331 on the New York trading Official site. It is the highest after November 18, 2021, and there was a 5% increase in the value of BTC in one day. In the last five days, bitcoin has moved the most on December 28 and managed to climb back above $49,000 even after the high-risk sentiment in the market. Despite the increase in bitcoin prices, the other cryptocurrencies remain lower after the dip during November and December. You can click on the https://www.btcrevolution.io/ to learn more about bitcoin trading.
After November 18, 2021, today was the most considerable intraday trade in the cryptocurrencies market. Bitcoin increased by 5% and climbed back to 49,331 according to the trading in the United States. In the past month, bitcoin prices have fallen by 30%, which has led to the lowest in the whole year. It has reached as low as $43,000, but it started to recover on Tuesday. There was a good recovery in the cryptocurrency market, and therefore, it is expected to go even higher. Earlier, experts made predictions regarding further downfall in bitcoin prices, but it was wrong on Tuesday. Bitcoin is a promising cryptocurrency, and if you want to invest, this is perhaps the right time. The reason for the declining prices of BTC was none other than regulation proposals from different nations on the movement of these digital currencies.
According to the strategist for Bloomberg intelligence, bitcoin may have proven to be a decreasing factor for the bull market; it has also reflected the recent crude oil increasing prices. The divergent stand of cryptocurrencies stands out in the market and affects the macroeconomic assets available across the different corners of the world. Earlier, there was a 2% future gain in the S and P 500 and the subsequent decrease of 1%. It was the time when cryptocurrency bitcoin was as low as $45,000. Even though there has been a recovery in the cryptocurrency market, bitcoin is not likely to reach the highest price very soon. Therefore, it is good to be optimistic about the most popular cryptocurrency globally, but still, investing your money is at risk at this point. However, purchasing the dip is something you can avoid further losses.
Also, an essential factor that led to the increase in bitcoin prices is India’s non-competency on the upcoming trip to the currency regulation Bill. According to the report, India will not present the cryptocurrency Bill in the ongoing session of the Parliament. Therefore, the details are not disclosed, and the government is still looking forward to having further consultations on this matter. The prime minister of India believes that cryptocurrency regulation is required for discussion and knowledge. However, we do not have sufficient time as the winter session will end on December 23, 2021. Therefore, the proposal of implementing the cryptocurrency bill is postponed according to the government reports, and the legislation has still not approved the proposal.
Earlier, the government posted a proposal for a new cryptocurrency bill on the official website, but it has been taken down now. The Parliament session is rescheduled, and the cryptocurrency bill is not listed in the business put up. Also, there has been a massive confusion about the ordinance in the period and the legislation. It is leading to the delay in implementing the cryptocurrency bill.
Earlier this year, there was a massive spread of the cryptocurrency sphere in the geographical boundaries of India. The youngsters and every group of people were very interested in coins, which led to increased cryptocurrencies. Therefore, the government saw through the opportunity to regulate the cryptocurrencies and use the underlying Blockchain technology for the common good of the country’s development. However, the state of cryptocurrencies was still a matter of concern as it could undermine the financial system. Therefore, the new bill we talked about was implementing strict cryptocurrencies regulations. In addition, it aims at providing movement regulations to the decentralised cryptocurrencies like bitcoins and others.