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Bitcoin Surges Marginally By 1.64% Today: Is It A worthy Investment?

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The Bitcoin price graph has marginally improved today. The largest cryptocurrency quoted at Rs. 15,87,192.34 gaining by 1.64%, till 5.59 pm UTC, today, on June 23. Yesterday, the asset closed at Rs. 1,561,615.03. In the past 1 year, Bitcoin has fallen by 36.52%.

 
Bitcoin Surges Marginally By 1.64% Today: Is It A worthy Investment?

Cryptocurrencies had gained investors' attraction significantly since the pandemic started in 2020 when the countries reduced their interest rates. Investors moved towards many alternative investment options, like cryptos, gold, and silver. So, these assets had surged sharply, and the existing investors made a large number profits within a very short span. However, in the last two months of 2021, the crypto market dropped sharply. 2022 has been a very bad year for Bitcoin and other cryptocurrencies. Although young investors put money into these assets for lucrative gain but lost miserably. So, considering the high volatility of the crypto market, investors should be cautious before investing in cryptos. The market condition, economic developments, government fiscal policies, and taxations should be analyzed well before investing in cryptos. Any short-term loss or gain should not influence the investors to put large amounts of money in these kinds of volatile assets for the long term.

However, according to a report, Changpeng Zhao, CEO of crypto exchange Binance, thinks that Bitcoin can reach its all-time high of near $70,000 within a few months and a couple of years, as he stated in an interview with The Guardian.

Read more about: bitcoin cryptocurrency
Story first published: Thursday, June 23, 2022, 23:46 [IST]
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