OPEN APP
Home / Markets / Cryptocurrency /  Bitcoin climbs back above $49,000 in biggest jump since November
Listen to this article

For the first time in five days, Bitcoin rose the most in over a month, briefly climbing back above $49,000 amid a general rebound in risk sentiment. 

The largest cryptocurrency by market value gained as much as 5% to $49,331 in New York trading, the biggest intraday increase since 18 November. Bitcoin had slumped about 30% over the past five weeks after setting a record high of almost $69,000 early November. 

Bitcoin may have put in a bottom in the midst of an enduring bull market, mirroring the recent crude oil peak, as per Mike McGlone, a commodities strategist for Bloomberg Intelligence. Showing divergent strength, the crypto was the standout and most significant major macroeconomic asset that advanced on Dec. 20, he wrote.  

“The (earlier) 2% Bitcoin future gain on the day the S&P 500 dropped 1% solidifies the recent crypto low around $45,000 as pivotal support," McGlone wrote in a research note.

Meanwhile, according to reports, India’s much-awaited cryptocurrency bill is unlikely to be presented in the ongoing session of parliament as the government has yet to finalize details of the legislation.

Prime Minister Narendra Modi’s administration wants wider consultations on the matter before finalizing the rules to govern digital currencies and there isn’t enough time as the current session ends Dec. 23, the people said, asking not to be identified as the discussions are private. Also, the Cabinet hasn’t approved the proposed legislation.

The schedule for the last week of the parliament session has dropped the cryptocurrency bill from the list of business put up on its website. However, the government can still bring in the legislation through an ordinance in periods when parliament is not in session.

The bill proposes to help the central bank create an official digital currency, a description on the parliament’s website said last month. The legislation sought to “prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses," the text read.

India with nearly 1.4 billion people is one of the world’s fastest-growing markets for cryptocurrency trading, but the country has had a hot-and-cold relationship with virtual coins. The central bank had effectively banned crypto transactions in 2018, but the Supreme Court struck down the restriction last year.

Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.
Close
Recommended For You
×
Edit Profile
Get alerts on WhatsApp
Set Preferences My ReadsFeedbackRedeem a Gift CardLogout