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India Today
2 days ago
- Business
- India Today
Bitcoin zooms past $120,000 to reach all-time high. Here's why
Bitcoin crossed the $120,000 mark for the first time on Monday, hitting a fresh all-time high and continuing its strong rally this world's largest cryptocurrency was last seen trading at $120,700.54, up 1.32%, as investor confidence remained strong ahead of important regulatory discussions in the United surge in Bitcoin comes amid rising expectations of a more favourable environment for cryptocurrencies in the U.S. On Monday, the U.S. House of Representatives began discussions on a series of bills aimed at setting up a regulatory framework for the digital asset industry. These long-awaited policies have been pushed by industry players for analysts say that this move by U.S. lawmakers is one of the key reasons behind Bitcoin's recent Lee, Chief Analyst at Bitget Research, said the rise above $120,000 marks an important moment for said this breakout is being driven by strong inflows into exchange-traded funds (ETFs), a shift in corporate treasury holdings towards Bitcoin, and positive sentiment from the Trump campaign. Lee expects Bitcoin to stay strong in the coming months, averaging around $125,000 in Q3, with key levels at $108,500 and $130,000 being watched the second-biggest cryptocurrency by market value, also saw gains. It reached a five-month high of $3,048.23 and was last trading at $3,036.70, up 1.4%.Lee added that Ethereum's rise is being supported by ongoing ETF demand, growing decentralised finance (DeFi) activity, and anticipation of the upcoming Pectra upgrade. He believes ETH could move towards $5,000 if it clears resistance at $3,700, though risks remain from possible corrections in Bitcoin or changes in Bitcoin has risen 29% so far this year. The broader cryptocurrency market has followed its lead, with many digital assets seeing strong gains over the past few weeks. According to data from CoinMarketCap, the total market value of cryptocurrencies now stands at about $3.78 Thakral, CEO of BuyUcoin, pointed out that market sentiment is currently high, with the crypto fear and greed index at 70, which suggests the market may be he added that net inflows into crypto funds reached $1.23 billion on July 11, with Bitcoin ETFs alone contributing Rs 1.03 billion. He said the excitement around the U.S. 'Crypto Week' and institutional interest are major drivers behind the strong performance is also notable because it comes despite uncertainty in global markets. The announcement by former U.S. President Donald Trump, who has called himself the "crypto president", has also boosted investor morale. Trump has been vocal about supporting the crypto industry and has urged policymakers to update regulations to support its Bitcoin's rise is exciting for investors, experts warn that prices could remain volatile in the short term. Traders are advised to watch global economic indicators and regulatory updates closely, as they could impact market movement in the days The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)- Ends
India Today
22-04-2025
- Business
- India Today
‘Gold is money': Zoho's Sridhar Vembu backs yellow metal as prices cross Rs 1 lakh
As gold prices cross Rs 1 lakh per 10 grams in retail markets, Zoho founder and CEO Sridhar Vembu has come out strongly in support of India's traditional faith in gold and took a sharp jab at modern financial systems, economists, and even wrote on X, 'Uday Kotak hails Indian housewife as the smartest fund manager as gold hits Rs 1 lakh.'advertisement'I agree wholeheartedly with Uday Kotak-ji. Indians' love of gold and a corresponding distrust of paper assets is the foundation of our long-term stability and civilisational continuity,' he added. In a tone that was both ironic and firm, Vembu continued, 'Money is too important to be left to central banks and governments and PhD economists and their fancy theories (or software engineers for that matter, and I am looking at you Bitcoin).'He ended his post with a note: 'Gold IS money. The poorest Indian knows this and that knowledge is power. As global economic conditions get worse, India's stability will come from gold.'advertisementHis remarks come at a time when gold is shining brighter than ever. On Monday, gold June futures on the MCX hit a new high of Rs 99,178 per 10 grams, up nearly Rs 1,900 from the previous close. In the physical market, gold traded at Rs 97,200 per 10 grams (excluding GST), taking the final retail price past Rs 1 lakh after adding 3% too, joined the rally, with May futures reaching Rs 95,562 per kg. Experts say global uncertainty, a weaker US dollar index, and rising US-China tensions are driving investors towards safe-haven assets like gold and to analysts, gold will likely stay volatile but firm, with a support level near Rs 96,100 and resistance around Rs 98,400 on the Watch
