Ether also saw an increase in price, but it lags behind Bitcoin. According to Gadgets 360’s crypto price tracker, Ether rose by 5 percent to reach $2,788 (about Rs 2.15 lakh). Ether also saw gains of around 6 per cent on international exchanges. Its trade value increased to $2,704 (approximately Rs 2 lakh). Many other cryptocurrencies also saw the advantage. These include Binance Coin, Polkadot, Polygon, Ripple, Cardano and Solana. Dogecoin and Shiba Inu also gained marginally.
Stablecoins such as Tether, USD Coin and Binance USD suffered losses due to political tensions and current economic instability.
This sharp return to the crypto market can also be linked to the activities of institutional investors. Recently, US-based ‘Bain Capital Ventures’ has launched a fund of $560 million (about Rs 4,307 crore). This fund is specifically focused on initiatives related to crypto. Sequoia Capital also announced last month that it is looking to raise up to $600 million (approximately Rs 4,610 crore) for its first crypto-specific fund.
The research team at Indian exchange CoinDCX told Gadgets 360 that while the future of crypto is uncertain, institutional support confirms the strength of the sector and adds credibility to the industry. If there is a fall in prices, the industry will fight it stronger than ever. Meanwhile, there are reports that China may also think of launching a national digital currency.
According to CoinMarketCap, the crypto industry currently has a total market cap of $1.83 trillion (approximately Rs 1,40,87,797 crore).
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