Bitcoin approaches $ 60,000, Dogecoin value continues to decline

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Bitcoin continues to beat its previous days’ highs, hovering above 57,000 rupees (about 42 lakhs) for the first time since May. At the time of writing, the world’s most popular cryptocurrency is trading at around $ 57,490 (roughly 43.3 lakhs) on Binance and CoinMarketCap, while BTC is already valued at over $ 59,000 (roughly 44.8 lakhs) on India’s Coinswitch Kuber. The cryptocurrency hit an all-time high of $ 65,000 (roughly 48.9 lakhs) in April this year, and if the rally continues, we could break a new record in a day or two.

Ether and other altcoins, meanwhile, continue to take a steady pause for green. Gadgets360’s cryptocurrency price tracker reveals that Ether had a reasonably decent trading day on Monday, opening with a valuation of Rs. 2.79.134 (about $ 3,740) on CoinSwitch Kuber on Tuesday. The second highest cryptocurrency gained 1.29 percent through Monday, although there is still no consistent rally underway.

Elsewhere, Cardano, Tether, Ripple, and Polkadot all fell 2 to 3 percent on average. Dogecoin appears to be struggling to change its net worth immediately, falling 3.58 percent to trade at Rs. 17.96 (about $ 0.24). Rival memecoin Shiba Inu has held its ground a bit since then, up 19.65 percent, which seems like a rough start to the week for most other altcoins.

While the Bitcoin rally has delighted investors, El Salvador, the country that officially introduced Bitcoin as legal tender in September, has received some criticism from Ethereum co-founder Vitalik Buterin.

El Salvador’s President Nayib Bukele reportedly forced companies to accept Bitcoin after officially introducing cryptocurrency as legal tender – a move that Buterin voiced his anger on in a Reddit discussion he saw shared his comment in response to a post by another user.

In other headline news, Bakkt – a platform for institutional investors to trade and store digital assets on a global network – announced a partnership with Google that will allow users to add their Visa virtual debit cards to Google Pay in order to Buy goods and services in store and online.

Interested in cryptocurrency? We discuss everything about crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music, and anywhere you get your podcasts.

Cryptocurrency is an unregulated digital currency, not legal tender and is subject to market risks. The information provided in this article is not intended as financial advice, trading advice, or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV is not liable for any loss that may arise from an investment based on perceived recommendations, forecasts or other information contained in the article.

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