Cryptocurrencies that opened with gains today, outnumbered the ones that suffered losses by a significant margin.
Russia’s plans of regulating the crypto sector is contributing to market positivity
Cryto price charts seem to be returning to a healthy point, not being dominated by all reds after a rough couple of months. On Thursday, February 10, Bitcoin opened with a value hike of 0.79 percent on Indian exchange CoinSwitch Kuber. The trading value of Bitcoin in India currently stands at $46,311 (roughly Rs. 35 lakh). The world's most valued cryptocurrency also scored minor but substantial gains on international exchanges. BTC saw gains up to 1.24 percent on CoinMarketCap, where its presently trading at $43,805 (roughly Rs. 33 lakh).
Continuing on the path of profits for the fourth consecutive day now, Ether rose in value by 3.10 percent on Thursday. The ETH token is currently trading at $3,368 (roughly Rs. 2.5 lakh) as per Gadgets 360's crypto price tracker.
The cryptocurrency has also registered price hikes on international exchanges. On Binance, for instance, each ETH token is trading at $3,182 (roughly Rs. 2.40 lakh) with a pump of 3.14 percent.
It is rather undeniable that escalations in the values of Bitcoin and Ether tend to leave a positive impact on the overall crypto market.
A big bunch of altcoins have also opened with gains today that include Binance Coin, Ripple, Cardano, Terra, and Polkadot among others.
Meme-coins DOGE and SHIB are also performing strongly in the market movement. Both have registered fresh gains of 0.75 percent and 4.38 percent, respectively. While Dogecoin is trading at $0.17 (roughly Rs. 12.51), each Shiba Inu token is priced $0.000035 (roughly Rs. 0.002588).
Only a few altcoins like Tether, USD Coin, and Solana found themselves dealing with minor gains.
In totality, cryptocurrencies that saw gains today outnumbered the ones that suffered losses.
Russia's plans of regulating the crypto sector rather than banning it is being seen as one of the major factors influencing the improvement of the market status.
With countries like India and Russia approaching the crypto sector with a “regulate over restrict” approach, other financial elements can gradually proceed towards crypto adoptability, industry experts believe.
“Russia's ‘unexpected' move can be viewed as a positive for the industry, demonstrating that regulators and policy makers are also starting to realise the potential crypto has, and its likelihood of continued proliferation across the globe,” the research team at CoinDCX told Gadgets 360. “With the presence of regulatory clarity, institutions such as pensions, endowments and family offices can now take exposure to crypto with greater ease, essentially opening the floodgates for mainstream adoption”.
Discussions around the crypto sector, meanwhile, are continuing with force in several parts of the world.
Recently, a total of 17 crypto-related companies formed a new group called the “Crypto Market Integrity Coalition (CMIC)” that aims to curb business malpractices like market abuse and manipulation that exist in the crypto sector.
Earlier this week, US-based digital payments giant PayPal also appointed a six-member advisory council on crypto and blockchain technologies.
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