Bitcoin rises nearly 7% to $53,813, reclaims $1 trillion market capitalisation

NEW DELHI: Bitcoin prices rose 6.9% to $53,813 on Tuesday, adding $3,546 to its previous close and reclaiming market capitalisation of $1 trillion, as per data available with WazirX.

Sathvik Vishwanath, co-Founder and chief executive, Unocoin, said last week was one of the rare stable weeks for a lot of cryptocurrencies. “This also marks something significant – that the past rise in prices does not constitute a bubble. It is also important to note that there was no big bang news internationally that could have fueled the growing demand for cryptos.”

The Indian government has showed some much-needed clarity on regulations for cryptocurrencies.