The global crypto market, led by Bitcoin, has surpassed $2 trillion in market capitalization, owing to an increase in institutional demand.
Bitcoin alone has contributed more than $1 trillion since its price more than doubled in 2021 and is now valued at $57,000 per digital coin.
Combined Value of Global Crypto Market
Tesla has announced that it will begin accepting Bitcoin as payment. Tesla has already made a $1.5 billion investment in Bitcoin.
Tesla CEO Elon Musk announced late last month that people in the United States can now purchase a Tesla using Bitcoins and that the option to pay with the popular cryptocurrency will be available to people in other countries later this year. Increasing the involvement of the Global crypto market in automobile purchases and increasing the value of Tesla.
Shivam Thakral Thoughts about Crypto Market
According to Shivam Thakral, CEO of BuyUcoin, digital assets have outperformed all other asset classes this year, with Bitcoin and Ethereum increasing by 100% and 190%, respectively.
Tesla CEO Elon Musk announced late last month that people in the United States can now buy a Tesla with Bitcoins and that the option to pay with the popular cryptocurrency will be available to people in other countries later this year.
According to Shivam Thakral, CEO of BuyUcoin, digital assets have outperformed every other asset class this year, with Bitcoin and Ethereum increasing by 100% and 190%, respectively.
“The growing global support for crypto industry is not surprising as think tanks/institutions across the globe have realised the importance of digital assets and want to take first mover advantage. There is no other asset class in the world which can provide such a strong hedge against inflation,” Thakral said in a statement on Wednesday.
In India, with Union Finance Minister Nirmala Sitharaman stating that all cryptocurrency windows will not be closed, industry stakeholders last month stated that a positive move at this point can open up a slew of opportunities for the country. The leading cryptocurrency players in India, represented by the IAMAI (Internet and Mobile Association of India), have urged the Indian government not to ban cryptocurrency, arguing that a robust mechanism to regulate the ecosystem is required. The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, has been scheduled for introduction, consideration, and passage in the current session of Parliament.
According to reports, India intends to launch its digital currency, dubbed the Central Bank Digital Currency (CBDC).
This measure will be consistent with the plans of many central banks to issue their digital currencies.
Read about Latest BuyUcoin Offer: Win INR 5000 worth BitTorrent (BTT)
Nigerian Central Bank Wants Financial Institutions to Develop Products Based on Its CBDCThe Central Bank of Nigeria has said it wants players in the country’s payment industry to develop and help introduce products based on its central bank digital currency, the e-naira. Central Bank Open to Suggestions In its bid to deepen the adoption of the e-naira, the Central Bank of Nigeria (CBN) has asked payment service…
Study Finds Most Popular Cryptocurrencies With Russian Social Media UsersIn a year with rising crypto prices, online chatter devoted to cryptocurrencies has increased significantly. Research carried out on Russian social media has identified the most talked about coins and it’s not just bitcoin on people’s minds. Experts List Most Mentioned Cryptos on Russian Social Media Brand Analytics, a company specializing in media monitoring in…
Immersion Cooling Gets Attention From Miners Wanting to Squeeze More Power Out of EquipmentBitcoin mining companies are now increasingly experimenting with immersion cooling, a form of cooling that allows them to get more hashpower out of existing miners. According to industry insiders, this cooling alternative will become mainstream in the future, as leading companies are already taking advantage and retrofitting these cooling devices to existing mining operations. Immersion…
Political Cartoonist Accuses NFT Platforms Opensea, Rarible of Being ‘Tools for Political Censorship’While non-fungibe token (NFT) collectibles have been very popular, NFTs have brought a slew of unique debates to the table and one of them has been censorship. The artist behind Stonetoss Comics, a series of political cartoons, has been censored by two very prominent NFT marketplaces — Opensea and Rarible. Stonetoss has told the public…
Study: 8.3% of Polled South Africans Own NFTs, a Further 9.4% Plan to BuyAbout 8.3% of polled South African internet users own NFTs while a further 9.4% said they plan to acquire such tokens in the future, a study has found. Twelfth-Highest NFT Adoption Rate According to the findings of the latest Finder online survey, about 8.3% of the 1,205 South African internet users surveyed own a non-fungible…
Political Cartoonist Accuses NFT Platforms Opensea, Rarible of Being ‘Tools for Political Censorship’