look news india
Mumbai: Major crypto currency Bitcoin finally crossed the $1,00,000 mark on Thursday. Bitcoin rose on Thursday following US President-elect Donald Trump’s selection of pro-crypto Paul Atkins as the new chairman of the US Securities and Exchange Commission (SEC) and Russian President Vladimir Putin’s statement that Bitcoin and other virtual currencies There will be no restrictions. ,
With the rise in the last 24 hours, the global market cap of Bitcoin has also increased to beyond two trillion dollars. Behind Bitcoin, other cryptos like Ethereum, Binance, XRP also saw an improvement. By late evening the price of Bitcoin was $1,02,804.
Trump’s choice of pro-crypto market-minded Paul Atkins to replace outgoing SEC Chairman Gary Gensler gave much-needed support to other cryptos, including Bitcoin.
On the other hand, Russian President Puny has also given the necessary trigger to the market supporting cryptocurrencies. Sources said that the last twenty-four hours have seen huge buying of Bitcoin by institutional investors.
The price of Bitcoin has seen a 130 percent increase in the current year. After the victory of Donald Trump, Bitcoin has increased by fifty percent. Bitcoin has achieved a market cap of two trillion dollars for the first time in just 15 years.
Thursday’s surge in the crypto market has taken the total market cap of cryptocurrencies beyond $3.80 trillion.
Spot Bitcoin exchange traded funds (ETFs) launched since January this year have seen net inflows of $32 billion and this inflow of money towards Bitcoin has also been supported by rising prices, sources said.
Expectations that US President-elect Donald Trump will bring a favorable policy towards cryptocurrencies have seen huge interest in cryptocurrencies over the past month.
Increasing Bitcoin transactions harmful to the environment
According to environmentalists and scientists, generating this electricity to run the entire Bitcoin transaction system requires huge amounts of coal, natural gas and hydropower. Combustion of coal causes great harm to the environment. The environmental and climate impacts caused by the digital currency Bitcoin come from its energy consumption.
Investing is very risky as the price of Bitcoin fluctuates significantly
History shows that cryptocurrency prices fall just as quickly as they rise. At the beginning of Covid-19, the price of one bitcoin was only 5000 dollars. However, by November, 2021, its price had increased to $69,000. However, by the end of 2022, the Federal Reserve raised the interest rate and it dropped to $17000. However, after the decline in inflation, investors have once again turned towards Bitcoin. According to experts, one should invest in Bitcoin as per one’s risk tolerance. On November 5, 2024, the day of the election in the United States, the price of Bitcoin was $69,374. Which increased to $1,03,713 on December 4, 2024.