INTRO: Amidst global uncertainties associated with the COVID-19 pandemic and therefore the most chaotic US Presidential election in recent memory, Bitcoin prices are galloping towards the record highs of 2017. On Friday, the worth of the world’s largest cryptocurrency crossed Rs. 11 lakh (~$1,500) in India and, was trading at Rs. 11.97 lakh (~$1,620) on BuyUcoin when we checked. The price is within touching distance of its all-time high of Rs. 12.5 lakh (~$1,700) at the peak of the global cryptocurrency boom in 2017.
The rise in Bitcoin prices is a component of a wider trend that has seen Ethereum, Litecoin, Ripple, Monero, and other digital currencies also creeping up towards their all-time highs amidst increasing economic and geopolitical turbulence globally. While Ethereum is currently selling for Rs. 33,090 per unit, Litecoin has risen to Rs. 4,829. Monero, meanwhile, is currently trading at Rs. 9,651 on the same platform.
The digital currency business in India is slowly returning to life after the Supreme court overturned RBI’s 2018 ruling that barred banks, financial institutions and other regulated entities from dealing with cryptocurrency exchanges over “concerns of consumer protection, market integrity and concealment , among others”. In a landmark judgement in March this year, the apex court quashed the two-year-old RBI order, calling it ‘unconstitutional’, sending many crypto enthusiasts across the country into delirium.
With cryptocurrencies continuing to become more mainstream round the world, Paypal recently became the newest traditional online payments platform to embrace the technology. The company, last month, announced that it’ll now allow its customers within the US to shop for , sell and hold bitcoin and other digital currencies in its online wallets. The service can be accessed through the company’s website as well as its mobile apps.