Reports that the central government is working on a bill to recognize cryptocurrency as a commodity have become a ray of hope for crypto investors. Even in the US, regulators, including tax regulators and commodity regulators, are debating the proper handling of crypto.
In addition, other countries are accepting various digital coins in the form of payments. Which will increase the proportion of investors in cryptocurrencies in the near future. India is currently ranked 11th out of 154 countries in terms of investment in cryptocurrencies. According to investors registered in various crypto exchange platforms present in India, an estimated 1.5 crore Indians are investing in crypto in the country.
Other investors are registered on foreign crypto exchanges. The proportion of investors has increased eightfold during the Kovid period. According to blockchain data platform ChainAnalysis, India ranks 11th out of 154 countries with રોકાણ 6.6 billion in cryptocurrencies by May, 2021. Coinbase, the world's top crypto exchange, is also considering opening an office in Hyderabad.
Bitcoin crosses 52 thousand dollars, resistance of 50 thousand
Bitcoin jumped around the 52,000 thousand level and traded around 12 51,287. Crypto experts have given a resistance level of 50 thousand dollars. If he maintains it will quickly become 55-60 thousand dollars. On the other hand, if Bitcoin loses the surface of 45 45,000, the boom in Altcoins including Ethereum, Polkadot, Lightcoin, Solana will increase.
The need to classify cryptocurrencies and make rules
Different cryptocurrencies have different trends. So that it is difficult to recognize it as a security. Yes, it can be approved as a commodity. As well as classifying all the crypto and creating a separate framework for each, management will be easier and more transparent. > Vikram Suburaj, CEO-Co Founder, Geotus Cryptocurrency Exchange
