After days of slow movement, the broader crypto market finally recovered as most cryptocurrencies opened higher on Thursday, Jan. 13. Bitcoin, the world's oldest cryptocurrency, is currently trading at $47,025 (approximately Rs. 34.7 lakh) with a 1.78 percent growth on Indian exchange CoinSwitch Kuber. On international exchanges like Binance and CoinMarketCap too, Bitcoin has gained more than 2 percent, bringing its trade value to around $43,598 (approximately Rs. 32.2 lakh).
With Bitcoin, Ether it also rebounded 3.14 percent. Ether is currently trading at $3619 (approximately Rs. 2.6 lakh) according to Gadgets 360's crypto price tracker
Cardano, Wave, Moles, Y Polygon have also emerged as winners today.
After weeks of incurring value drops, even meme-based dog coin rivals doecoin Y Shiba Inu went up the price scale. While DOGE is currently trading at $0.18 (approximately Rs. 13), SHIB is priced at $0.000035 (approximately Rs. 0.002555).
Industry insiders have predicted a โbullish turnaroundโ of crypto market momentum in the coming days.
โThe crypto market recovery is likely due to US inflation rising to a 39-year high of 7 percent and the dollar falling, bringing the economy into a state of flux with the mixed opening of Asia Pacific markets. As investors returned to hedging their bets with cryptocurrencies, digital assets once again regained their safe-haven status. With US inflation showing more staying power, we can anticipate the cryptocurrency market tracking its bullish comeback,โ the CoinDCX research team told Gadgets 360.
Despite the general growth of the market, some CRYPTOCURRENCIES did not record profit.
Tie, USD Currency, Link of the chain, Y uniswap were affected by minor losses.
Meanwhile, various celebrities have been caught up in the cryptocurrency industry for different reasons.
NBA players Klay Thompson and Andre Iguodala of the Golden State Warriors have decided take a part of their wages in Bitcoin. Players have also revealed that they would be donating $1 million (approximately Rs. 7.38 crore) worth of Bitcoins among fans.
On the other hand, former NBA player Paul Pierce has gotten into trouble for promoting a cryptocurrency called EthereumMax (EMAX) that grew overnight and lost 98 percent in value a few days later, costing investors a lot of money last year.
Pierce, along with reality TV star Kim Kardashian and American boxer Floyd Mayweather, now face a legal investigation for promoting EMAX through his heavily followed social media accounts.
Cryptocurrency is an unregulated digital currency, is not legal tender and is subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, business advice or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV will not be liable for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
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