Bitcoin bounces back with a bang
After witnessing some sell-off, Bitcoin crosses the mark of $50,000 of late
On Monday and Tuesday, the crypto exchanges across the globe,including in India, witnessed a huge spurt in their trading volume.It was despite the fact that the RBI has been expressing seriousconcern over private crypto currency.
Ashish Singhal, co-founder & CEO of CoinSwitchKuber, says, "it'sgreat to see Bitcoin reach $50,000 again. The surge in bitcoin isindicative of retail and institutional investors being bullish on theasset for the past year. Chainalysis recently reported that Indiaranks second in cryptocurrency adoption. There is an increasingawareness about Bitcoin and other cryptocurrencies among Indians, withpeople from tier-II and tier-III cities driving adoption. This massadoption spells a positive outlook for Bitcoin prices."
The volatility in the cryptocurrency market is characteristic of amarket that is still in its nascent stages. So, it is better forinvestors to invest in small amounts that might garner great returns, but can also bear risks. Investing a particular amount regularly andin a disciplined way for the long-term can build wealth for theinvestors, he added. Experts say that the development was very much on the expected lines.Avinash Shekhar, Co-CEO, ZebPay on the development, said, "the currentmarket surge was expected by firm believers of this technology assetclass after the temporary sell-off which was a short-lived FUD in themarket. BTC has absorbed pretty much all the negative news over thelast quarter and yet, hasn't dampened the impact on the institutionalinflux of money into this technology giving out a clear message on thestrong fundamental value the asset poses."
Bitcoin is fundamentally a very strong asset with a reliable foreseenfuture. The recent sell-off was a temporary uncertainty faced onaccounts of the negative news in the market pertaining to somerespective country's stance on the mining aspect of the asset.
"We recommend Rupee-Cost-Average (RCA) intocrypto assets as a long-term investment strategy. Using RCA, investorscan get an average entry price for the asset and get better returns inthe long run. SIP is one way to do this and we have launched a newproduct, ZEBB to promote this long-term investment strategy. Anyonecan start a SIP in Bitcoin or Ether on ZEBB starting with just Rs100."
The overall momentum of Bitcoin is coming back. When the value ofBitcoin crosses an all-time high, it moves fast. One would have noticed that during the last week of 2013, the value ofBitcoin was $1,200, and when it grew in 2017, it went from $1,200 to$20,000, just in a few months. The growth was humongous. "Bitcoin is getting is closer to the higher end of the trading range.The coming few weeks will be exciting times for Bitcoin, and we arehoping to see Bitcoin trading in six digits by the end of the year.Moreover, the growth in price leads to a rise in the number of newuser registrations, and more awareness is getting built," GauravDahake, Founder & CEO, Bitbns said.
The cryptocurrency was in news recently after more than $600million in Ethereum and other cryptocurrencies were stolen fromblockchain-based platform, Poly Network.
A massive cyber-attack done before two days against Poly Network whichresulted the theft of more than $600 million in cryptocurrency.The hacker stole these funds in 12 different currency including,however dramatically Poly Network pleaded to the hackers and in an unusual move, a hacker who stole more than $600 million in tokens hasreturned a most of the portion of the stolen funds.
