Bitcoin touches Rs 10 lakh in India -

Bitcoin touches Rs 10 lakh in India

Credit: business-standard.com

  • Dec 07 2017 13:55About: 5 days ago
  • 13 views

The price in India of bitcoin, the crypto currency, touched Rs 10 lakh this afternoon, when its price on major global exchanges crossed $15,000. It was $13,000 on Wednesday evening.

While prices are rising sharply ahead of the launch of futures in this on US exchanges, the community believes several hedge funds are preparing to short-sell it when derivatives trading begins on the CBoT and CME. CBoT derivatives trading is beginning this Sunday; CME is launching it on December 18. These sources don't rule out buying by these hedge funds in the cash market to prop prices now and later short on the CME.

According to the community, the medium-term outlook is bullish. However, exchange traded derivatives have shorter settlement and, hence, hedge funds will be able to reap short-term gain in shorting, while their long-term bets in holding will remain with them.

With the price rising to $15,202 this afternoon and total mined so far is 16.72 million, this takes the market capitalisation to $254 billion. The total crypto currency market cap has crossed $400 bn, the share at 63.5 per cent; it was 55 per cent a month before.

The reason for a 50 per cent jump from $10,000 to $15,000 in less than a month is several new investors, especially wealthy ones, taking interest and buying it. India alone has seen a sharp increase in investor interest in recent months. Zebpay, the largest exchange's app download for trading, has crossed the two-mn mark, of which the second million happened in the past three to four months. Investors who have downloaded apps might number more than three mn.

On South Korea's oldest exchange, Korbit, it was trading at $17,725, a premium of 21-22 per cent, indicating demand there is much higher. However, local media reports say the regulator there will ban the launch of futures in

Saurabh Agrawal, co-founder of Zebpay, says: "With touching new highs of $15,500 and trading in India at Rs 10,000,000, it has attracted a whole lot of new players in the market. Earlier, people came to Zebpay due to the curiosity factor but with the price going north, the has attracted institutional players and high net worth individuals; it has become an alternative investment for people. Also, with futures being launched, we are anticipating some major institutional investors coming into the eco-system. This year has seen touching newer highs and we see growing interest in crypto currency from all quarters in India."



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price India bitcoin crypto currency touched lakh this afternoon when major global exchanges crossed $15000. $13000 Wednesday evening.While prices rising sharply ahead launch futures exchanges community believes several hedge funds preparing short-sell derivatives trading begins CBoT CME. beginning Sunday; launching December These sources dont rule buying these cash market prop later short According community medium-term outlook bullish. However exchange traded have shorter settlement and hence will able reap short-term gain shorting while their long-term bets holding remain with them. With $15202 total mined 16.72 million

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