Bitcoin surges to $49,105 after Saturday bloodbath

ISLAMABAD: The cryptocurrency market recouped some of the Saturday’s losses on Sunday, with the market capitalisation gaining 5.2 percent to reach $2.44 trillion as of 1310 hours GMT.

A day earlier, a massive decrease in the value of the two leading digital assets reflected a broader plunge in the crypto markets, with some cryptocurrencies dropping by 20 percent over the past 24 hours. However, the recovery was seen in the market on Sunday.

The largest cryptocurrency Bitcoin price edged up by 3.57 percent to reach $49,105. With this increase in price, the market capitalisation of the biggest cryptocurrency has reached 927.5 trillion. Bitcoin, saw a sharp decline of nearly $15,000 to as low as $42,000 before bouncing back to $45,000 on Saturday, extending the latest downtrend amid the emergence of the omicron Covid-19 strain.

Ether, the world’s second-largest cryptocurrency by market capitalisation, gained 5.27 percent to reach $4,173. With this increase in price, the market capitalisation of ETH has reached $490 billion. Ether declined by about 14% to $3,942 a day earlier.

Similarly, XRP price went up by 3.15 percent to reach $0.806. The market capitalisation of XRP stands at $80.6 billion after this increase.

However, Cardano (ADA) price dipped by 1.12 percent to reach $1.36. Its market capitalisation has reached $44.6 billion with this decrease.

On the other hand, Dogecoin (DOGE) price gained 3.41 percent to reach $0.173. With this decrease in price, the market capitalisation of DOGE has reached $22.8 billion.

The crypto prices surged on Sunday as India falls short of banning cryptocurrencies. India wants to regulate the cryptocurrencies rather than ban them outright, according to a media report. Last month, New Delhi sent the domestic digital market plummeting as it announced plans to ban private virtual currencies.

It was reported in November that the Indian government was mulling over a bill that proposed creating an official digital coin and banning all private cryptocurrencies in the country. Last week, however, Finance Minister Nirmala Sitharaman said the bill was being reviewed and changed in order to respond to rapid changes in the industry.

The Cryptocurrency and Regulation of Official Digital Currency Bill reportedly seeks to protect small investors by treating cryptocurrency as a financial asset. It’s expected to be introduced in the upcoming winter session of parliament. There’s no official data available on India’s crypto market, but industry estimates cited by Reuters put the total amount of digital currency held in India at up to 400 billion rupees ($5.4 billion).

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