Bitcoin Cryptocurrency crosses Rs. 11 Lakh Mark in India
Bitcoin has crossed the Rs. 11 lakh mark in India. The instability in the US, along with other factors, has promoted a resurgence of interest and the value of Bitcoin has risen towards 2017 levels when it peaked at about Rs. 12.5 lakh for one Bitcoin. The 2018 Reserve Bank of India ban on cryptocurrency trading temporarily halted its growth, but now that the Supreme Court has overturned the ban, global players are looking to enter the Indian market to take full advantage of the nascent market but in increase. While Bitcoin is at its peak, Ethereum is currently selling for Rs. 33,090 per unit, while Litecoin will cost you Rs. 4,829.
Even though cryptocurrencies have been under scrutiny since their inception, Bitcoin It has experienced tremendous growth in a short period. At the time of writing this article, Bitcoin is selling for Rs. 11,94,257 on BuyUcoin, Rs. 11,00,000 in LocalBitcoins and Rs. 11,78,415 in UNOCOIN (live prices here). While Bitcoin was the first cryptocurrency to see widespread distribution, the birth of the industry gave rise to other altcoins such as Ethereum, Litecoin, Wave, Monero, and more.
Etherium is the second most successful digital currency, with its price in India at Rs. 33,090 on BuyUcoin. Bitcoin Cash is up for grabs for Rs. 19,610, Monero is currently priced at Rs. 9,459, Litecoin is priced at Rs. 4,829, and Ripple is priced at just Rs. twenty.
With awareness of the rise of cryptocurrency trading, PayPal Announced which would support cryptocurrencies for the first time, allowing any PayPal account holder to store, buy, and sell popular virtual currencies starting this year. PayPal will support bitcoin, Ethereum, Bitcoin Cash, and Litecoin.
Also, London-based cryptocurrency platform Cashaa recently Announced which has partnered with a multi-state credit union in India to start operations in the country. Its operations in India called UNICAS will be launched on December 10 this year. These credit societies are not under the control of RBI and, therefore, the regulatory framework is unclear, becoming the main source of uncertainty.