Cryptocurrency Bitcoin saw a rise of 4.86 percent on Thursday (February 15). Has crossed $52000 for the first time in more than two years. The price of Bitcoin was trading at $52,044. Whereas investment in Bitcoin ETF has increased. The total amount involved has crossed one trillion dollars.
Increase in these currencies also
The second largest cryptocurrency Ether has increased by more than 5.70 percent. Its price was trading at $2,792, it has increased by $150 in the last two days. Apart from this, the prices of Avalanche, Solana, Ripple, Chainlink, Tron, Cardano Polkadot have increased. According to the information, the market capitalization of crypto increased by about 5.32 percent in the last one day to about $ 1.95 trillion.
According to Gadgets 360, a boom was seen in the crypto market. The prices of Bitcoin and Ether are at this year's high level. The main reason for this is the increase in investment in Bitcoin Spot ETF. The next resistance for Ether is at $2,900 and after that it can go up to $3,300. Some other tokens have also increased by more than 20 percent in the last few days.
The crypto market is also getting a boost from investors along with leaders of some big countries. Earlier this week, Prime Minister Narendra Modi had expressed the need for global cooperation to deal with emerging technologies like Artificial Intelligence (AI) and cryptocurrency. Last month, Bitcoin Exchange Traded Fund (ETF) was approved by the Securities Regulator SEC in the US.
Requests were made to reduce taxes
Due to high tax on crypto segment in the country, growth is being affected. Before the budget presented earlier this month, the crypto industry had requested the central government to reduce taxes on this segment. However, in the interim budget, Finance Minister Nirmala Sitharaman did not make any mention of the crypto segment.
Stakeholders associated with this industry were disappointed. The central government had imposed TDS of one percent on every crypto transaction about one and a half years ago. Along with this, 30 percent tax was imposed on profits from crypto.
RBI had told about the danger
This has led to a decrease in crypto trading activities. Regulators in some countries have warned about this segment. Recently, the Reserve Bank of India (RBI) had reiterated its warning of danger to emerging markets regarding cryptocurrencies.