Clawing its way back from last year’s lows, Bitcoin hit a fresh 2019 high, nearing psychological $6,000-level for the first time since November.
Clawing its way back from last year’s lows, Bitcoin hit a fresh 2019 high, nearing psychological $6,000-level for the first time since November. The popular cryptocurrency climbed nearly 5 per cent to $5,910.32 in the early trade today, according to cryptocurrency exchange Coinbase. The virtual currency was trading at $5,722 on the exchange at the time of reporting.
The prices of Bitcoin had surged by over 11 per cent in the past week, helping the crypto market to add $20 billion to the market capitalisation.
Bitcoin had plunged 74 per cent in the later part of the last year after following below $4,000. Other than the world’s most followed virtual currency Bitcoin, most of the other cryptocurrencies lagged the former.
From the beginning of April from nearly $3,500 to over $5,000, has been on a steady rise for the past few weeks. Bitcoin has surged almost 5 per cent over the last 24 hour trading period to highs of $5,970, according to the exchange.
Since the overall institutional involvement is turning more strong, Bitcoin is testing fresh near-term highs, Bloomberg reported citing Jehan Chu, managing partner at Kenetic Capital. More and more institutions are lining up to thesis of the currency, he added.
Meanwhile, the Reserve Bank of India (RBI) last year had virtually banned cryptocurrencies such as Bitcoin as it barred the regulated entities from offering services to any individual or business dealing in them. The decision had come after three prior warnings to the public to remain beware of any dealings in the cryptocurrencies. Three months were given by the central bank to the regulated entities to close down their positions with the entities related to the digital currencies.