
FEBRUARY 28 MARKED a significant moment for the popular crypto asset Bitcoin as it surged past $60,000, achieving the milestone for the first time in more than two years. In November 2021, the price of Bitcoin skyrocketed to nearly $69,000 (intra-day) but later plunged by half due to regulatory concerns and high interest rates, diminishing its appeal as an asset class.
The surge last time was driven by the liquidity in the world economy after governments eased monetary policy in the wake of Covid-19. However, this time around, the crypto market has rallied due to factors like the expected rate cut by the US Federal Reserve, the increasing popularity of Bitcoin exchange-traded funds (ETFs), and the anticipation of Bitcoin halving in April.
The resurgence "signifies a pivotal moment in the crypto landscape," says Raj Karkara, Chief Operating Officer (COO) of ZebPay, a crypto exchange. "It not only demonstrates the resilience of digital assets, but also underscores the growing mainstream acceptance of Bitcoin," he says. "The approval of ETFs has played a significant role in expanding the investor base, contributing to the positive sentiment," he adds.
Diese Geschichte stammt aus der March 17, 2024-Ausgabe von Business Today India.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent ? Anmelden
Diese Geschichte stammt aus der March 17, 2024-Ausgabe von Business Today India.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent? Anmelden

THE SILENT STRATEGIST
Dilip Shanghvi's focus on research and high-margin drugs future-proofs Sun Pharma

THE AUTO SOFTWARE PLAY
KPIT has redefined its trajectory by betting on automotive software, thanks to MD & CEO Kishor Patil's start-up mindset and AI-driven vision

MADE OF STEEL
Abhyuday Jindal, the MD of Jindal Stainless, is building capacity, creating awareness and investing in renewable energy

"LEARN A LOT, EARN A LOT, RETURN A LOT"
Motilal Oswal has spent decades turning his passion for finance into a top-notch diversified financial services player

ROCKY ROAD TO GLORY
BOULDER HILLS WAS A TERRIFIC BACKDROP FOR THE HYDERABAD EDITION OF ROYAL RANTHAMBORE BUSINESS TODAY GOLF

REDEFINING VALUE IN THE AGE OF INTELLIGENCE
Due to technological disruptions and climate change, many India CEOs now feel the need to recalibrate their decision-making processes

REBOOTING FINANCE
THE BT BEST BANKS AWARDS SHOWCASED THE TOP LEADERS OF BANKING AND FINANCIAL SERVICES INDUSTRY, WHO DELIBERATED ON THE FUTURE OF INDIA'S FINANCE SECTOR

BUILDING TRUST
Dr. Devi Shetty set up Narayana Health to make healthcare more affordable. With steady growth over the years, he is now setting sights on expanding abroad

THE MAN BEHIND LOW-COST DRUGS
Mankind Pharma's spectacular growth is often attributed to the Chairman & Whole-Time Director-Ramesh Juneja's-endeavour to make healthcare affordable and accessible

THE GREEN MILE
Under Praveer Sinha, Tata Power has emerged as an important player in green power, offering renewable solutions to varied customers