• Home
  • Opinion
  • Politics
  • World
  • Business
  • Science & Tech
Monday, January 30, 2023
No Result
View All Result
SUBSCRIBE
The Outlooker
27 °c
Delhi
  • Home
  • Opinion
  • Politics
  • World
  • Business
  • Science & Tech
  • Home
  • Opinion
  • Politics
  • World
  • Business
  • Science & Tech
No Result
View All Result
The Outlooker
No Result
View All Result
  • National
  • Politics
  • Opinion
  • Business
  • Science
  • World
  • Health
Home Business

Bitcoin rally: Amid crypto king’s surge, Coinbase CEO warns frenzied investors of risk

by The Outlooker Web Desk
December 20, 2020
in Business
0
Bitcoin rally: Amid crypto king’s surge, Coinbase CEO warns frenzied investors of risk
1.8k
SHARES
12.9k
VIEWS
Share on FacebookShare on Twitter

The Supreme Court had lifted the RBI ban on banks and financial institutions from offering services to businesses or individuals dealing in digital currencies.

Bitcoin has been on a tear again in the past few days, hitting a fresh new all-time high of $24,200 per bitcoin after beginning to rally from $17,637 on December 11. The largest cryptocurrency — bitcoin — surged 37 per cent on Saturday before falling back a bit to $23,481 as of Sunday evening, according to the largest US cryptocurrency exchange Coinbase, reportedly valued at $7.7 billion, that had earlier this week announced filing for its IPO. However, amid this record jump, Coinbase CEO and Co-founder Brian Armstrong has cautioned crypto investors of the inherent ‘risk’ in the asset class.

“We cannot emphasize enough how important it is to understand that investing in crypto is not without risk. For one, crypto can be a volatile asset class — often more so than the types of traditional financial instruments that most investors are used to. For example, this means that the market can move in either direction much faster than equity markets,” said Armstrong in a company blog post on Thursday. According to the blockchain analysis company Chainalysis, as reported by CNBC, investors who bought at least 1,000 bitcoins worth around $23 million at Friday’s price and had set-up an account for less than a year, led to significant demand since September.

“We are noticing more and more BTC (bitcoin) leaving exchanges across the world, 19 per cent more transfer than the 2017 price increase, which is a signal that investors are holding BTC as long-term investments. With more players joining the bandwagon we will be noticing more price increases in the days to come,” said Vikram Subburaj, Co-Founder and CEO of Chennai-based Giottus Cryptocurrency Exchange.

Also read: Gold imports dip 40 pc in Apr-Nov to USD 12.3 bn

According to Philip Gradwell, chief economist at Chainalysis, bitcoin’s price more than doubled from the $10,000 level in the time new investors enhanced their buying spree. The new demand helped boost the cryptocurrency’s rally to an all-time high. Armstrong, however, alerted “investors who may be focusing on short-term speculation and encourage customers to seek out resources and consult financial advisors to better understand the risks associated with investing in cryptocurrencies.”

In India, the Supreme Court in March had lifted the RBI ban on banks and financial institutions from offering services to businesses or individuals dealing in digital currencies. The RBI circular earlier had said declared cryptocurrency-related entities such as virtual currencies, crypto assets, etc, illegal and had asked banks, payment companies to withdraw support. “I believe the coming year will see a significant rise for bitcoin. With recent announcements from MassMutual, Fidelity, Microstrategy, and Square, we’re seeing institutional capital to the tune of hundreds of millions of dollars entering into the picture. Coupled with wider awareness and education, it’s easy to envision the price of bitcoin going up by 100 per cent in 2021. That’s why the time is now to get into bitcoin,” said Rahul Pagidipati, CEO, ZebPay.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

The Outlooker is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

The Outlooker Web Desk

The Outlooker Web Desk

Next Post
HD Kumaraswamy Says Lost Goodwill Of People By Joining Hands With Congress

May Extend Issue-Based Support To BJP, No Merger In Sight: HD Kumaraswamy

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Gujarat Court Convicts Asaram Of Raping Woman Who Stayed At His Ashram
National

Gujarat Court Convicts Asaram Of Raping Woman Who Stayed At His Ashram

January 30, 2023
Interview with Dr Terance Shipman
Entertainment

Interview with Dr Terance Shipman

January 30, 2023
Naba Kisore Das Second Odisha Lawmaker To Be Assassinated
National

Naba Kisore Das Second Odisha Lawmaker To Be Assassinated

January 30, 2023
Karnataka High Court Okays Marriage Under Hindu Marriage Act Of Bride Below 18: Report
National

Woman Gets Child’s Custody After Ex-Husband Fails To Appear In Karnataka High Court

January 29, 2023

Connect with us

No Result
View All Result

Archives

  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020

Category

  • Artistic
  • Business
  • Crypto
  • Design
  • Entertainment
  • Fashion
  • featured
  • Food
  • Gaming
  • Health
  • Human
  • Lifestyle
  • Movie
  • Music
  • National
  • Opinion
  • Politics
  • Science
  • Spaces
  • Sports
  • Tech
  • Travel
  • Uncategorized
  • World

Recent Posts

  • Gujarat Court Convicts Asaram Of Raping Woman Who Stayed At His Ashram
  • Interview with Dr Terance Shipman
  • Naba Kisore Das Second Odisha Lawmaker To Be Assassinated

About Us

The Outlooker

The Outlooker is your source of authentic, hand-picked news, stories, analysis from India & the World.

  • Terms Of Service
  • Privacy Policy
  • About us
  • Submit your story
  • Contact

© 2019-2021 The Outlooker. All rights reserved.

No Result
View All Result
  • Home
  • Politics
  • World
  • Business
  • Science
  • National
  • Entertainment
  • Gaming
  • Movie
  • Music
  • Sports
  • Fashion
  • Lifestyle
  • Travel
  • Tech
  • Health
  • Food

© 2019-2021 The Outlooker. All rights reserved.