Crypto Market Sees Profit Booking, Price of Bitcoin down to USD 1,03,400, Ripple Increases More than 5 Percent
The crypto market was declining on Tuesday after a boom of the last few days. The largest cryptocurrency bitcoin’s price has decreased by more than one percent in terms of market value. Apart from this, many other cryptocurrencies were also damaged. The US dollar has strengthened the index and the trade deal between the US and China has strengthened the equity market. However, profit booking has taken place in the Crypto Market.
On the publishing this report, the price of bitcoin on the International Crypto Exchange Binance was reduced by about one percent to about $ 1,03,452. The second largest cryptocurrency Ether had a loss of about 2.70 percent. Ether’s price was trading at $ 2,484. Other declining cryptocurrency included Solana, BNB and Cardano. Ripple’s price rose over five percent to about $ 2.56.
Market experts say this decline is not worrying. The price of bitcoin has been reduced due to profit booking. This week it can again go up to $ 1,05,000. The Consumer Price Index (CPI) data released in the US may affect the market. Institutional demand in the Crypto market remains strong. This year, Institutional Investors have bought more than 1,57,000 bitcoins. It has a major stake of American enterprise software company Microstrategy. This can reduce the supply of bitcoin and increase its price. Increased funding in Bitcoin Spot Exchange Traded Fund (ETFS) has also increased the share of bitcoin in the crypto market.
Payments are also being accepted in cryptocurrency in some countries. Bhutan has also joined the list of these countries. Bhutan has tie-up with a binance, one of the large crypto exchanges. The objective of this decision of Bhutan is to protect tourists from complications such as currency exchange rates and low availability of international cards and provide easy means of payments. In the economy of Bhutan, the income from tourism has a major stake. Tourism flight tickets going to this neighboring country of India will be able to make payments in cryptocurrency for flight tickets, hotels, tourist destinations and shopping.
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