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Bitcoin dropped on Monday, falling from a record high above $60,000 (roughly Rs. 40 lakhs) over the weekend, as investors digested a potential ban from India on cryptocurrencies.
By Kevin Buckland, Julien Ponthus and Gertrude Chavez-Dreyfuss
(Bloomberg) -- Bitcoin’s appeal as a hedge against inflation is being put to the test, with the largest cryptocurrency slumping along with other risk assets after Jerome Powell failed to ease investor concern about rising price pressures. The digital token fell as much as 6.7% and traded at about $47,900 as of 2:38 p.m. in New York, after the Federal Reserve chairman said he is monitoring financial conditions and would be “concerned” by...
Read more about Bitcoin reclaims $50,000, hits one-week high as risk appetite returns on Business Standard. The cryptocurrency was last trading at $51,607
(March 3): Bitcoin climbed to a one-week high as risk appetite in markets returned and investors considered the regulatory issues facing cryptocurrencies. The digital token climbed 7% to trade above US$50,000 in early London trading. On Tuesday, prices dipped 2.9% after Gary Gensler, nominee for chairman of the U.S. Securities and Exchange Commission, said that making sure crypto markets are free of fraud and manipulation is a challenge for the agency.