Electric car giant Tesla has since indicated its support for Bitcoin, with several other high-profile investors including Twitter founder Jack Dorsey showing their interest. The price of bitcoin in India was Rs 38.8 lakh at the time of writing this news on 23 August.
It has now risen over 70 per cent from its six-month low of $29,000 (approximately Rs 21.53 lakh) reached in June, and speculations are rife that it may start moving towards $100,000 (approximately Rs 74.29 lakh). . Rick Bensignor at Bensignor Investment Strategies said on Monday that it was “closer to the high end of what I expected as a new trading range from $40,000 (about Rs 29.71 lakh) to $50,000.”
Bitcoin is still far from its record, well below the $65,000 (approximately Rs 48.27 lakh) it achieved in April. This cryptocurrency has seen many ups and downs since the beginning of the year. While at the beginning of the year this digital coin got the support of a car maker company like Tesla, it faced a market crash in the month of May. At the same time, many countries including China, Japan took many tough decisions regarding cryptocurrency mining, due to which there was a huge drop in the prices of cryptocurrencies.
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