The ongoing rally in the cryptocurrency market has led to a modest increase in Bitcoin’s price over the past two days, with several altcoins also experiencing gains. On Wednesday, Bitcoin’s value rose by less than 1% on both local and global exchanges. As of now, Bitcoin is priced at $92,425 (approximately Rs. 78 lakh) on international platforms, according to CoinMarketCap, while its value in India stands slightly higher at $93,440 (around Rs. 78.8 lakh).
Amid this upward trend, Michael Saylor, the executive chairman of MicroStrategy, revealed plans to propose that Microsoft incorporate Bitcoin into its treasury holdings, emphasizing the potential to enhance stability and minimize risks. Meanwhile, BlackRock’s iShares Bitcoin Trust launched options trading, with an overwhelming 98% of the trades being “call” orders, reflecting a strong bullish sentiment. Bitcoin spot ETFs have also seen a reversal in their recent outflows, registering net inflows of $850 million (around Rs. 7,172 crore) over the last two days, according to Vikram Subburaj, CEO of Giottus.
Ether has similarly witnessed a slight uptick, with its global price increasing by 0.28% to reach $3,110 (roughly Rs. 2.62 lakh). In India, ETH is trading at $3,187 (around Rs. 2.69 lakh), as per Gadgets360’s crypto price tracker. Alongside Bitcoin and Ether, other cryptocurrencies such as Dogecoin, USD Coin, Cardano, Wrapped Bitcoin, Cronos, and Monero have also recorded price hikes. Lesser-known coins like Floki Inu, Underdog, Iota, Braintrust, and Binance USD have followed suit with minor gains.
Overall, the global crypto market capitalization rose by 0.24% in the last 24 hours, reaching $3.08 trillion (approximately Rs. 2,59,88,824 crore), according to CoinMarketCap. However, some altcoins like Tether, Solana, Binance Coin, Ripple, Tron, Shiba Inu, and Avalanche, which had recently been climbing, saw their momentum slow on Wednesday.
Reports of Donald Trump’s social media venture exploring the acquisition of crypto trading platform Bakkt have further fueled market optimism, raising hopes for a more crypto-friendly stance under his potential administration. The introduction of options trading for BlackRock’s iShares Bitcoin Trust is another significant milestone, potentially improving liquidity and offering investors new opportunities to gain exposure to Bitcoin. Sumit Gupta, Co-Founder of CoinDCX, described this as a pivotal moment in Bitcoin’s journey, showcasing the increasing interest from institutions and signaling a shift in market dynamics.
