look news india
Mumbai: The cryptocurrency market reached new highs today as its record-breaking rally continued. Market players were stunned as the price of Bitcoin rose to $71,000. Market insiders said that like gold, the crypto market has also seen a recent rise due to optimism about exchange traded fund ETFs and the possibility of further reduction in interest rates in the US.
According to world market sources, today the price of Bitcoin, considered the largest crypto currency, has risen above the level of 72 thousand dollars and reached close to 72235 dollars and all the old records were broken and new records were created. Market today. Market sources said that today a one-day increase of about two and a half to three percent was recorded in prices and the market capitalization increased to $ 1.40 trillion. Sources said that in the new year 2024, the prices calculated so far have increased by about 66 to 67 percent.
There was talk of increased cash flows into the new Spot Bitcoin Exchange Traded Fund ETF in the market. The Chairman of the Federal Reserve in the US had recently indicated that the cut in interest rates in the US was not far away and due to this, a surge in prices was seen in the gold and crypto currency markets.
According to the news from South Korea, the trading volume in the crypto currency market has increased more than the trading volume in the stock market there. There were signs that Korean investors were moving toward riskier options. Global analyst Scott Melker has indicated that the crypto market has started to gain momentum and the market is likely to go higher. However, due to rapid increase in prices, a bubble like situation is being created like an inflated balloon. And after this, he also warned investors and traders to be cautious after such a surge.