Amidst an ongoing cryptocurrency market recovery, the largest virtual coin Bitcoin (BTC) reclaimed $50,000 for the first time since May 2021, bringing its total market cap to $946 billion (according to CoinMarketCap data).
Other popular cryptocurrencies such as Cardano (ADA), Polkadot (DOT) and Solana (SOL) have been surging over the last few weeks, and have all posted double-digit gains in the last week.
BTC’s recovery to $50,000 comes four months after it reached its all-time high (ATH) of $64,804 in April 2021, according to CoinGecko.com.
A possible signal that the global crypto bull market could be approaching its second leg, the largest cryptocurrency began trading above the psychological resistance of $50,000 at a time when traders in India await the nation’s bill on cryptocurrency regulation.
Last week, Finance Minister Nirmala Sitharaman said she is awaiting approval from the Cabinet on the bill on cryptocurrency as the proposed legislation is before it.
The inter-ministerial panel on cryptocurrency under the Chairmanship of Secretary (Economic Affairs) to study the issues related to virtual currencies and propose specific actions has reportedly already submitted its report, where it has allegedly recommended that all private cryptocurrencies, except any virtual currencies issued by the state, will be prohibited in India.
Despite regulatory uncertainty, a report by blockchain data platform Chainalysis ranked India second in terms of global crypto adoption in 2021, amidst global crypto adoption rising over 880 percent in the last year.
In the report titled ‘The 2021 Global Crypto Adoption Index’, Chainalysis ranked India just behind Vietnam, which took first place out of 154 countries surveyed.
India ranked third globally, behind China (first) and Vietnam (second), in on-chain value received, which refers to a metric calculated by estimating total cryptocurrency received by that country, and weighting the on-chain value based on PPP per capita — a measure of the country’s wealth per resident. India also ranked second, behind China, in on-chain retail value received.
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