Tuesday, February 27, 2024

Strong rise in Bitcoin, price reaches near $45,000

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Bitcoin, the largest cryptocurrency by market value, was up 3.66 percent on Thursday. Its price was trading at more than $44,000. The price of Bitcoin has increased by $1,693 in the last one day. Market experts say that the rise in Bitcoin may continue. The next levels for this are $45,400 and $48,000.

Second largest cryptocurrency Ethereum There has been an increase of about 2.80 percent. Its price was around $2,425. Its price has increased by about $64 in the last one day. Apart from this, there was profit in Avalanche, Binance Coin, Solana, Ripple, Tron, Polkadot and Litecoin. In the last one day, the market capitalization of crypto increased by 3.31 percent to about $ 1.71 trillion.

The research team at crypto app CoinDCX told Gadgets360, “Looking at the last few years, February has been one of the best months for Bitcoin. It has come out of consolidation. Other cryptocurrencies are bullish and they are benefiting from the rise in Bitcoin. “Ether has broken its upper range and this is a positive sign for Ether and its associated tokens.” “SOL has bounced back after a few-hour outage on the Solana blockchain a day earlier,” CoinSwitch’s Markets Desk said.

Due to high taxes on this segment in the country, growth is being affected. Before the budget, the crypto industry had requested the central government to reduce taxes on this segment. However, Finance Minister Nirmala Sitharaman did not make any mention of the crypto segment in the interim budget, which disappointed the stakeholders associated with this industry. The crypto industry hopes that some changes can be made for this segment in the budget presented by the new government after the Lok Sabha elections. About one and a half years ago, the Central Government crypto TDS of one percent was imposed on the transaction. Along with this, 30 percent tax was imposed on profits from crypto. Stakeholders associated with the crypto segment say that this has led to a decrease in crypto trading activities in the country. Regulators in some countries have also warned of risks regarding this segment.

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