The party that began in the crypto markets following the re-election of Donald Trump as the US president continues merrily with the prices of Bitcoin, the top-of-the-mid crypto in the world, flying close to $90,000 on November 11. The rise is quite unprecedented since it breached the level of $80,000 just a day ago. The pre-election peak was $73,803.25.
The price of this cryptocurrency came up till $89,623.00 on Monday, November 11, 2024. Prominent US-based analysts think the rally in this asset will continue for some time and it could reach the psychologically significant level of $100,000 by the end of December this year.
“Bitcoin in price discovery journey”
“Bitcoin is now in price discovery mode after breaking through all-time highs early last Wednesday morning when it was officially declared that Trump won the election. Strong positive sentiment is likely to persist through the balance of 2024 and [we] see bitcoin prices potentially reaching the six-figure mark by the end of this year,” Mike Colonnese, an analyst at H C Wainwright was quoted by the media as saying.
The jump in cryptocurrency was not surprising since Donald Trump vowed to make way for conducive crypto regulation and turn US into the “Bitcoin superpower” of the world.
Can you invest in Bitcoin from India?
Though both the Centre and Reserve Bank of India do not encourage investments in cryptocurrency – they maintain that these are not regulated assets, and therefore, can be too risky, both for the individual investor, as well as for nation interest – one can invest in Bitcoin and other crypto assets from India without breaking the law. This has to be done through crypto exchanges such as CoinDCX, Zebpay, Mudrex, WazirX, Binance, Coinswitch.
One needs standard KYC documents such as PAN, Aadhaar to register in these exchanges. After registration, one needs to transfer funds from one’s bank account to the account of these exchanges. No cash transaction is allowed and NEFT or RTGS can be done. One can invest in fractions of cryptocurrency to the extent of even Rs 1,000.
(Disclaimer: This article is only meant to provide information. News9 does not recommend buying or selling shares, cryptocurrency or subscriptions of any IPO and Mutual Funds.)
Bitcoin price: The cheer that Donald Trump’s re-election as the US president continues with the price of Bitcoin and other crypto assets rallying continuously. Know how you can invest in it from India. Markets Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
