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Home >Markets >Cryptocurrency >Ether tops $1,700 on reports of fall in supply

Ether tops $1,700 on reports of fall in supply

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Ether topped $1,700 on Monday. (Photo: Reuters)

  • Ether has delivered a return of 620% over the last one year, while Bitcoin is up 460%. Both the crypto assets are around 15% lower from their all-time highs

NEW DELHI: Prices of Ether, the world’s second-biggest cryptocurrency, topped $1,700 level on Monday on reports of a fall in supply of outstanding coins. Bitcoin was above the $50,000 mark, but traded with marginal losses.

NEW DELHI: Prices of Ether, the world’s second-biggest cryptocurrency, topped $1,700 level on Monday on reports of a fall in supply of outstanding coins. Bitcoin was above the $50,000 mark, but traded with marginal losses.

According to a report by Bloomberg, Ethereum blockchain developers have approved one of the biggest changes to the network since its inception in 2015, a shift that could spur even bigger gains in the price of its native cryptocurrency Ether. “The move will reduce the amount of outstanding Ether by destroying some of the tokens every time it’s used to fuel transactions on the world’s most-used blockchain," the report said.

According to a report by Bloomberg, Ethereum blockchain developers have approved one of the biggest changes to the network since its inception in 2015, a shift that could spur even bigger gains in the price of its native cryptocurrency Ether. “The move will reduce the amount of outstanding Ether by destroying some of the tokens every time it’s used to fuel transactions on the world’s most-used blockchain," the report said.

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As of 0530pm, Ether traded at $1,728, up 3%, as per CoinGecko, while Bitcoin was at $50,414, down 1%. Ether has delivered a return of 620% in the last one year, and Bitcoin is up 460%. Both the assets are around 15% lower from their all-time highs.

Other major cryptocurrencies such as Tether and Ripple traded flat.

Meanwhile, Union finance minister Nirmala Sitharaman over the weekend said India will take a calibrated approach towards cryptocurrencies.

The government on 29 January had listed a Bill to ban all private cryptocurrencies, including Bitcoin and Ether in India, but later reports suggested that it might bring in an ordinance to put that into effect.

Reacting to the development, Rahul Pagidipati, chief executive officer at ZebPay, said: “What the FM said is encouraging for the blockchain companies in the business. It may give permission to millions of Indians to work in this new industry and to experiment, innovate, and create blockchain solutions to serve the greater good. We may one day look back at the FM’s thoughtful statement as a turning point."

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