look news india
Mumbai: Recession fears eased after strong US employment data and cryptocurrency market gained momentum.
The global market capitalization of crypto also saw a jump on Monday, led by the leading crypto Bitcoin. Reports that the United Arab Emirates (UAE) has exempted crypto from Value Added Tax (VAT) also supported the market.
The US added more than 2.5 million jobs in September, more than expected. The strong increase in employment reduced the fears of recession in the economy. The unemployment rate in America, which was 4.20 percent in August, has decreased to 4.10 percent in September.
In the last twenty-four hours, Bitcoin increased by more than two and a half percent and late in the evening it was quoted at $63,500. The price of Ethereum was also $2450. Bitcoin seen near $63956. The price declined due to profit booking at higher levels.
Due to the incentives given by the government in China for the last few months, the Chinese economy is improving, due to which the mood of the market has also improved.
Bitcoin holdings on exchanges have fallen to their lowest level since November 2018. Market circles believe that this reduction in liquidity has also supported the prices.
On the other hand, UAE exempting all crypto transactions from payment of VAT also supported the market, sources said. This relaxation has been provided with effect from January 1, 2018.
Apart from Bitcoin, XRP, Dogecoin, Solana, BNB have also seen an increase of up to 6 percent. After this surge, the global market capitalization of cryptocurrencies crossed $2.21 trillion.
