Bitcoin’s price on Monday crossed $30,000 mark even as the world’s largest cryptocurrency is heading for its seven-week decline, according to CoinDesk.
The world’s second largest cryptocurrency, Ethereum, was also trading over $2,000-mark.
BITCOIN PRICE
Bitcoin price gained 1.42 per cent $30,159. Ethereum was up by 0.61 per cent to $2,039.
“Bitcoin, Ethereum and most cryptocurrencies started to recover over the weekend from the past week’s crash. BTC has gained nearly 2% over the past 24 hours as buyers started to react to BTC’s oversold conditions. We may see BTC’s initial resistance at US$33,000 while the support holds at US$27,000, which can stabilize the price action in the coming days,” Edul Patel Co-Founder & CEO of Mudrex said.
“On the other hand, TerraUSD continues to crash, losing nearly 82 per cent in the past week, showcasing the potential risk of algorithmic stablecoins,” Patel said.
XRP fell by 1.65 per cent, Solana went down 0.03 per cent, Stellar fell by 0.10 per cent, Avalanche was down 5.12 per cent, Polkadot crashed over 4 per cent.
Dogecoin fell 2.86 per cent, Shiba Inu was down 3.27 per cent.
Meanwhile, top officials of Reserve Bank of India (RBI) informed parliamentary panel that cryptocurrencies can lead to ‘dollarisation’ of a part of the economy which would be against India’s sovereign interest.
Briefing the Parliamentary Standing Committee on Finance chaired by former minister of state for finance Jayant Sinha, top officials of the RBI, including its governor Shaktikanta Das, clearly expressed their apprehensions about cryptocurrencies and said these pose challenges to the stability of the financial system, as per a PTI report.
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