Bitcoin and other cryptocoins have been at the forefront of the current revolution that was pioneered by individuals who aspired to transact in an untethered world, outside of regulation.
Bitcoin, like other currencies, including Doge Coin, Ethereum, Solana and Ripple has seen crests and troughs in the recent past. Bitcoin, however, appears to have found its mojo, scaling to new heights.
RBI Governor Raises Concerns Over Crypto
This comes amidst scepticism over the reliability of such a venture in real-world economics. Many authorities and central banks around the world have often issued warnings over apparent danger from crypto.
Most recently, the governor of the central bank of one of the largest economies in the world, India, spoke on the matter, reiterating his concerns. Reserve Bank of India governor, Shaktikanta Das, said that crypto currencies would bring about huge risks to financial and monetary stability.
In a statement, Das said, "I am actually of the opinion that this is something that should not be allowed to dominate the financial system. Because it has huge financial stability risks and huge monetary stability risks, it also poses risks to the banking system."
This comes at a time when major cryptocurrencies are having a hot-and-cold period with a decline in the recent past. Meanwhile, the biggest name of them all, Bitcoin, has been experiencing a major wave of gain.
Bitcoin
The cryptocurrency has made gains of over 3.13 per cent or Rs 1,71,104.20, in the past month of trade.
This has taken the overall value of this cryptocurrency to a total of Rs 56,45,514.95, which means that a single Bitcoin is worth more than Rs 56 lakh.
Meanwhile, other cryptocurrencies have not had the best past month of trade, as some of them have seen a dip in their value.
Ripple
The cryptocurrency Ripple has suffered a major decline of 11.86 per cent or Rs 5.82, in the past month.
This has brought down the overall value of this particular crypto to Rs 43.28 per Ripple.
Ethereum
Another big name, arguably the second biggest name after Bitcoin, Ethereum has also seen a major decline in its value over the past month.
Ethereum has declined by 5.58 per cent or Rs 12,313.53, taking the overall value to Rs 2,08,534.16 per Ethereum.
Dogecoin
Another popular name, what started a joke or meme coin, Dogecoin has seen some positive growth at its end.
This crypto has gained 17.13 per cent or Rs 1.70, jumping to Rs 11.60 per Dogecoin in the past month.
Some of the reason attributed to this rise is the rise in global uncertainty and traditional assets and their procurement that are largely connected to or 'tethered' to changing circumstances. In addition, the possibility of Donald Trump returning to the White House as the US president has also boosted Bitcoin. Trump has often vowed to defend against any deregulation from the USSEC, adding to the appeal of Bitcoin.
