On December 24, in Asian trading, the value of Bitcoin had even touched $51,524 at one point. The world’s largest cryptocurrency has risen by about four percent in the past couple of days.

On Christmas eve, the value of Bitcoin rose to $51,000 (roughly ₹ 38.27 lakhs) and touched its highest level in more than two weeks. The world’s largest and oldest cryptocurrency has risen by about four percent in the past couple of days.
On Friday, in Asian trading, at one point the value of the cryptocurrency had even touched $51,524 (roughly ₹ 38.67 lakhs). This rise was a result of wider positive sentiment in financial markets. In 2021, so far, the digital asset  famed for its volatility — has risen by about 76 percent. In November, Bitcoin had lost more than $18,000 (roughly ₹ 13.50 lakhs) in value after hitting a record high of almost $69,000 (roughly ₹ 51.77 lakhs) earlier in the month.

The price movement of Bitcoin has piqued many people’s interest throughout the last decade. So far, 2021 has been an eventful year for many cryptocurrencies, with Bitcoin and its price leading the way

Crypto Not Recognised As Legal Currency, To Be Regulated In India: 5 Points

The proposed cryptocurrency bill has suggested regulation of private cryptocurrency rather than banning it, according to a Cabinet note circulated by the government. Crypto is not recognised as legal currency in India yet, as per the note

The note suggests that Cryptocurrency is not recognised as legal currency in the country. The legislation also describes Cryptocurrency as Cryptoasset, according to the Cabinet note.
Cryptoassets will be dealt with the existing crypto exchange platforms which will be regulated by the Securities and Exchange Board of India (SEBI). A cut-off date will be prescribed for those having cryptoassets to declare and bring under the crypto exchange platforms – which will be regulated by the market regulator

‘Cryptoasset’: All You Need To Know About New Crypto Legislation

Reserve Bank of India’s proposed virtual currency has not been clubbed with the new crypto legislation. However, the central bank will regulate issues related to cryptocurrency.
All those found violating the exchange provisions will be penalised with a criminal imprisonment of upto one and a half years. Penalties in the range of Rs 5 crore to Rs 20 crore may also be levied by the regulator.

Bitcoin’s price has surged to $73,000 in the aftermath of the highly anticipated halving event, which took place on April 21, 2024. The halving, which occurs every four years, reduces the reward for miners on the network from 6.25 BTC to 3.125 BTC per block, effectively reducing the rate of supply of new Bitcoin entering the market.

The lead-up to the halving was marked by significant volatility in the cryptocurrency market, with Bitcoin’s price fluctuating wildly in the weeks preceding the event. However, in the days following the halving, Bitcoin’s price has surged, with many analysts attributing the gains to the reduced supply of new Bitcoin entering the market.

The halving event has also led to an increase in the cost of mining new Bitcoin, which could lead to increased scarcity and further price gains. Many miners have been forced to shut down their operations due to the reduced reward, leading to a decrease in the network’s hash rate and a subsequent increase in transaction fees.

Despite the challenges faced by miners, the halving event has been hailed as a success by many in the cryptocurrency community, with many seeing it as a key factor in Bitcoin’s price gains. The event has also led to increased mainstream attention and investment in the cryptocurrency market, with many institutional investors entering the market for the first time.

The price gains have also led to increased activity in the cryptocurrency derivatives market, with many traders taking long positions on Bitcoin in anticipation of further price gains. The increased activity has led to a significant increase in trading volume, with many exchanges reporting record-breaking numbers.

However, not all analysts are bullish on Bitcoin’s prospects, with some seeing the price gains as unsustainable and due for a correction. Some have pointed to the significant volatility in the market, as well as the lack of fundamental value in Bitcoin, as reasons for caution.

Despite the uncertainty, the halving event has marked a significant milestone in Bitcoin’s history, and many see it as a key factor in the cryptocurrency’s continued growth and adoption. As the market continues to evolve, it remains to be seen whether Bitcoin’s price gains will be sustained, or whether a correction is on the horizon.

FAQs

1. What is the halving event in Bitcoin?

The halving event is a pre-programmed event that occurs every four years, which reduces the reward for miners on the network from 6.25 BTC to 3.125 BTC per block.

1. What is the purpose of the halving event?

The purpose of the halving event is to reduce the rate of supply of new Bitcoin entering the market, effectively reducing inflation and increasing scarcity.

1. How often does the halving event occur?

The halving event occurs every four years.

1. What has been the impact of the halving event on Bitcoin’s price?

Bitcoin’s price has surged to $73,000 in the aftermath of the halving event.

1. What has been the impact of the halving event on the mining industry?

The halving event has led to an increase in the cost of mining new Bitcoin, leading to a decrease in the network’s hash rate and a subsequent increase in transaction fees. Many miners have been forced to shut down their operations due to the reduced reward.