Even though in the Indian context, trading in cryptos is likely to be restricted due to the recent report which may send individuals engaging in cryptos to jail for a 10-year term, in the global world, cryptos are fast gaining ground. Just a week before there was news that a lesser known crypto litcoin has almost surged 4-folds this year on account of halvening, the process that will push up the price of the digital currency as well as prevent erosion in its value.
And no later, Bitcoin, the largest crypto has known to surge to levels beyond $9000 on Facebook optimism as the social media giants is making news rounds of introducing its cryptocurrency. The recent renaissance in cryptos is primarily on the back of the fact that these are seeing a greater adoption from mainstream companies and institutions as well as gained the attention of Wall Street on a more recent basis.
The largest digital currency surged 7.4% from late Friday and traded at US$9,006.55 as of 8.49am Tokyo time. Rival coins also climbed: litecoin was up 5.9 per cent and ethereum rose 4.5 per cent.
As per some of the reports, Facebook is likely to come up with a digital currency as early as Monday.