Bitcoin is reaching its all-time high, and bullish contracts on crypto exchanges have seen a significant increase in demand. At the time of writing, the world's most popular cryptocurrency was trading at $61,089 (approximately Rs. 45,96,677) on Coinbase, bringing October's gain to over 40%. According to one expert, the current Bitcoin rise is being driven by whales, and short liquidations have yet to make a significant impact.
With Bitcoin's recent climb, Jack Dorsey's fintech startup Square has been able to double its stake in the popular cryptocurrency. According to a report, the corporation spent a total of $220 million (Rs. 1,650 crores) in Bitcoin, which is currently valued at over $470 million (Rs. 3,526 crores). A major portion of the increase in the value of Square's holdings was attributable to a recent surge in the price of Bitcoin. Bitcoin was trading under $50,000 (Rs 37.51 lakhs) a month ago, but on Saturday it was trading at $62,000 (Rs 46.52 lakhs), a roughly 25% increase.
Eth reclaims $3800, Bitcoin reclaims $61000 and ICX hovers near $2.
In an unusual trading week, Ethereum and Bitcoin outperform altcoins.
After some skepticism, some small companies, such as restaurants and cafés, that were badly impacted by the pandemic-induced lockdown are now warming to the notion of using bitcoin to make up for their losses over the last two years. A restaurant in New Delhi's Connaught Place has chosen to take Bitcoin, Ethereum, Dogecoin, and other cryptocurrencies as payment. To entice guests, the restaurant Ardor 2.1 has created a unique "Digital Thaali."