Bitcoin, Etherum And Other Tokens Spurt Up To 15% After RBI’s Latest Move On Cryptocurrencies

Companies

oi-Roshni Agarwal

| Updated: Tuesday, June 1, 2021, 10:27 a.m. [IST]

After the RBI cleared the air for the cryptocurrency on Monday, which asked the various financial firms to do a due diligence for clients dealing with cryptocurrency in India, you might be interested to see how these digital currencies are performing .

Bitcoin, Etherum and other tokens rose by up to 15% after RBI's last move

Bitcoin, Etherum and other tokens rose up to 15% after the RBI recently introduced cryptocurrencies

According to cryptocurrency news agency Coindesk, the largest cryptocurrencies by market capitalization, Bitcoin and Ethereum, among others, posted the best daily gains and bounced back from last month’s lows.

Most recently, Bitcoin was quoted with an increase of over 7 percent at USD 36,942 and Ethereum with an increase of over 15 percent at USD 2,660. On May 31, Bitcoin was trading near $ 34,200.

Profits in cryptocurrency are largely due to RBI’s recent stance on digital currency, which found that commercial banks in India that fall under their jurisdiction fail to cite RBI’s 2018 ban and warn customers not to trade in cryptocurrencies .

Other top cryptos by market cap are also seeing traction, including XRP, Dogecoin, and Uniswap, which are up as much as 16 percent.

“We have seen that during this time our institutional clients have only shown an increased interest in strengthening their long-term positions,” said Gunnar Jaev, COO of First Digital Trust, a digital asset trust and custodian. “The move is bullish.”

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