The virtual coin marketplace has had a terrible beginning as in January, most of the cryptocurrencies were struggling to float over their floor price. Many experts predicted that bitcoin might even break its floor price in the upcoming few months. However, bitcoin has signaled its positive growth by surging to an exceeding extent. The spot price of bitcoin is nearby $45000, and it has grown drastically in the past few years.
No one is familiar with the aspects that caused a surge in bitcoin’s spot price, but investors are more than happy from the past few days as bitcoin is rising again. However, bitcoin was not even 60% in terms of its market value in November 2021. Here listed is everything you should know about the struggle of bitcoin in the last few weeks and how it has been recovering shortly. Click the below image to open a free crypto trading account.
Why is the Cryptocurrencies Market struggling?
The struggle of the digital currency marketplace is unreal as people did not expect bitcoin and other cryptocurrencies such as Ethereum to fall with this speed. However, investors have accused many aspects of causing a downfall in the digital currency marketplace.
The US imposing a cryptocurrency regulatory framework can be one of the reasons. Recently the US officials also recovered $3.6 billion from the 2016 hack of Bitfinex. India is also cooking its cryptocurrency bill and has stated its cryptocurrency taxation structure. Investors have been a bit here and there since the US government has addressed and hinted that they might mitigate economic instability at a tremendous pace.
Joe Biden recently had a meeting with the officials to set up a cryptocurrency regulatory framework that will have no loops for illicit activities. The government has correspondingly announced different sorts of regulations to limit the use of cryptocurrencies.
India’s cryptocurrency bill is not tabled yet, but the finance minister revealed some details about tax structures. For each capital gain transfer, the user will have to pay 30% tax, and the taxations are not subjected to digital coin transfer if a user confronts a loss in the marketplace.
China is not the mere country to implicate a total flash ban on cryptocurrency operations, as Russia also joins this list. Like China, Russia used to be a cryptocurrency hotspot and is no longer one of such countries. Russia justified the cryptocurrency clampdown in the country for similar reasons as china.
After announcing its first-ever national bank-powered digital currency, India has acquired traction. These digital currencies are an electronic version of fiat currencies, and China was the first nation to do so. The central bank-powered electronic version of fiat currencies in India will name a digital rupee.
Biggest Gainers This Week!
According to the coin market cap, cryptocurrencies that have displayed the most significant gains this week include Dogecolony, Pappay, Ninja Floki, Bored Floki Yacht Club, and Bole Token. Binance Multi Chain Capital, Live NFT, Meta Fabric, Fan Verse, COXSWAP, Baby Shiba Inu coin, Ormeus Coin, Metania Games, Shiba Samurai soared by an exceeding extent.
GScarab, Satoshi Monsters, Libero Financial, Concrete codes, Cyber Classics, Fyooz, UNUS SED LEO, Dark Matter DeFi, Crypto VS Zombie, Digital Bank of Africa, Doge Killer, Magik Finance, Double Dice, NULS, and Naxar are also biggest gainers.
List of top losers according to coin market cap include Colligo, Magic Inu, 3Share, Crystal Kingdoms, Ctommorrow Platform, More Token, Meta Speed Game, Idea Chain Coin, 2Share, Mini Tesla, 3OMB Token, Based Token, Crypto Guards, WAGMI, Crypto Planes, XQuake, Silva Token, 2omb Finance, EMP shares, Comfy, TNC coin, The Neko, Medacoin, Elon Jet, Doxed, Affyn, and Guitar swap.
How Much has Cryptocurrency Market grown in the past week?
The past week was more convincing for cryptocurrency investors. Did they witness considerable gains in the market value of digital currencies like BTC and ether? BTC has touched the milestone of $45000 again, and these are some positive signs of its growth. In short, the average price of bitcoin seems to be $42000.
Ether, another popular digital currency, has also soared considerably. Ether was trading at $2300 in January 2021, and it is currently trading at a spot price of $3218. Unquestionably the spot price is much lesser than the all-time high, but it is growing considerably.
The portion, as mentioned earlier, describes everything about bitcoin recovering back to its average price.