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Bitcoin Surpasses $40,000 Mark; Worth Nearly Rs 30 Lakh In India

By Staff
|

The largest and most popular cryptocurrency in the world has risen fast in value in less than a month's time. From $20,000 in December, Bitcoin crossed the $40,000 mark Thursday night, rising $10,000 in just five days.

 

Bitcoin's price jumped about 10.4% during the trading day to $40,380.

However, volatility continues and the cryptocurrency slipped to $38,585.10 at the time of writing. In Indian rupee, the value fell from Rs 29.63 lakh to Rs 28.31 lakh on Friday.

Bitcoin Surpasses $40,000 Mark; Worth Nearly Rs 30 Lakh In India

The cryptocurrency, which is known for its notorious fluctuations in value, has seen rapid adaption as a safe haven asset in 2020. Media attention has also fueled its rally.

However, experts have been warning investors of risks involved in the investment.

One cannot make daily purchases with Bitcoin, which leaves the currency's use largely as an investment. It's still mainly used by those distrustful of the banking system, criminals seeking to launder money, and for the most part, as a store of value, say analysts.

Bitcoin has seen a meteoric rise since March 2020, when it stood at $5,000 and analysts warn of a possible correction in prices.

 

"Investors continue to hop on the cryptocurrency train which appears to be gaining more interest now that the US economy is poised to deliver more stimulus in Biden's first 100 days," said market analyst Edward Moya at currency trading platform Oanda to AFP news agency.

Fellow Oanda analyst Craig Erlam warned that even if a correction does not seem imminent, once one emerges "it's going to hurt".

Read more about: bitcoin
Story first published: Friday, January 8, 2021, 10:24 [IST]
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