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"The plunge in the world’s biggest cryptocurrency comes after some unsubstantiated rumours that US Treasury may crackdown against money laundering taking place through digital assets," said Sumit Gupta, co-founder and CEO, CoinDCX
Bitcoin prices surged once again on April 19 by 6% after plunging to $52,148 in just a matter of 15 minutes on Sunday. Currently, it is trading at $57,253 at a market cap of $ 1079 billion.
“The plunge in the world’s biggest cryptocurrency comes after some unsubstantiated rumours that US Treasury may crackdown against money laundering taking place through digital assets, however, we believe this is a temporary phase and prices will recover soon as the Treasury has already refuted the rumours,” said Sumit Gupta, co-founder and CEO, CoinDCX.
Bitcoin prices crashed to around $3,000 in 2017. Since then, its price has shot up manifold. While many see it as a bubble, crypto enthusiasts say Bitcoin may touch the $1,00,000-mark by 2025-2030.
“Another probable reason could also be the massive power outage in China’s Xinjiang region, which is one of the largest mining pools which may have prompted the sell-off. However, what needs to be noticed is that despite the sudden sell-off Bitcoin has still accounted for a trading volume of $101.27Bn in the past 24 hours with the market cap still above $1.06 Tn which clearly showcases investor confidence and Bitcoin’s mainstream acceptance as an asset class,” Gupta added.
Recently, Bitcoin prices rise after Coinbase Global Inc, a US-based cryptocurrency exchange, made its debut on Nasdaq under the ticker symbol ‘Coin’ with a valuation of almost $100 billion. The listing of the exchange marked the growing popularity of cryptocurrencies across the world. The company was founded by Brian Armstrong in 2012.
Cryptocurrency exchanges have been under the radar of the government, as time and again the Reserve Bank of India has expressed its concerns around virtual currencies. Following the ban lifted by the Supreme Court in March 2020, cryptocurrency trading has multiplied many times in the country. According to estimates, there are currently 10 million crypto investors in India with an estimated value of Rs 1,000 crore.