Bitcoin in 2021

How the Cryptocurrency Fell From All-Time High to About 50 Percent in a Month:



Despite experts, critics, and skeptics giving constant warnings and expressing their reservations about its viability, Bitcoin, the world's oldest and most popular cryptocurrency, has seen a spectacular climb in its value over the last six months. Around the same time last month, the virtual currency hit an all-time high of about $65,000 (approximately Rs. 47.3 lakh), a staggering increase of more than 450 percent in just six months. Bitcoin values have plummeted since then, shedding more than half of their value since reaching an all-time high. Cryptocurrency trading in 2021 has been characterized by massive volatility. Bitcoin is no different.

According to Coindesk, the price of one Bitcoin (pricing in India) was $40,846 (approximately Rs. 29.7 lakh) on Friday at the time of writing. However, this was a significant improvement from the previous day, when the cryptocurrency was trading at $30,000. (roughly Rs. 21.8 lakh). The Chinese government's crackdown on digital currency transactions in the country, which escalated a long-foreseen sell-off, was largely to blame for the drop to approximately $30,000 a unit.



Tesla CEO Elon Musk announced on May 13 that the electric carmaker will no longer accept Bitcoin as a form of payment, despite the fact that his business had invested $1.5 billion in the cryptocurrency earlier this year. Musk's warning, which cited concerns over the "rapidly expanding consumption of fossil fuels for Bitcoin mining and transactions," caused a 15% drop in Bitcoin's value, which dropped below $50,000 (approximately Rs. 36.5 lakh) before showing signs of recovery. Bitcoin, on the other hand, is still a long way from reclaiming its all-time high of around $65,000. (roughly Rs. 47.3 lakh).

Comments

Post a Comment

Popular posts from this blog

How is coronavirus affecting the banking sector?

Image
 The lockdown imposed to prevent the spread of the Covid-19 has halted economic activity in numerous areas, with serious consequences for businesses and individuals. Companies that rely on direct client contact, such as hotels and transportation, are losing revenue streams, and households that work in these industries are losing income. The banking sector is also impacted, but in a largely indirect manner. While banking services can be supplied remotely and without direct client contact, the sector's connection to the real sector as a source of payment, savings, credit, and risk management services extends the Covid-19 crisis' detrimental impact to banks and other financial organizations. At the same time, the banking industry has a responsibility to play in assisting businesses and people throughout this period of lower revenues and incomes, which has prompted financial regulators and governments to take significant regulatory initiatives. How does the crisis affect banks? Fir...
Read more

Business Strategy of Reliance Jio

Image
 One of the main reasons for Reliance Jio's success is its business approach. The company's growth is boosted significantly by employing the AARRR method to penetrate the market. This strategy consists of five main components that work together to assist a company acquire and keep customers in an innovative and cost-effective manner. Acquisition – Following the commercial launch of Jio in September 2016, the company offered three months of free service to its consumers. This strategy worked as a trump card for Jio in gaining customers. Jio was able to gain 16 million subscribers in just one month. Activation – Users received the best experience possible, which had never been provided by any cellular service provider before. Customers couldn't believe their eyes when they saw limitless high-speed 4G data and unlimited calling. Retention - Jio didn't stop there with retention. They extended the free services to subscribers for another three months on the occasion of the n...
Read more

Centre’s reliance on indirect tax revenue, pro-rich policy, has deprived govt of resources during COVID crisis

Image
 The Indian government's tax strategy has been troublesome for two reasons. It has not only been pro-rich (and anti-poor), but it has also depleted the state's fiscal resources, both of which are particularly harmful in the context of the COVID crisis. The Narendra Modi government pulled back the increase in surcharge in 2019 after repealing the wealth tax in 2016 and replacing it with a 2% surcharge on super-rich individuals (taxable income of over Rs 10 crore). More crucially, corporate taxes were reduced from 30% to 22% in order to entice foreign investors and encourage Indian businesses to invest. Simultaneously, reliance on indirect taxes has increased, a tendency that began in the middle of the UPA administration. Because the Modi government has become increasingly reliant on raising cesses and surcharges, indirect taxes now account for up to 50% of gross tax collection in FY2019, compared to 43% in FY2011. Customs and excise charges, as well as value-added tax, made up a...
Read more