Over the past weeks, especially since we resumed a new year and decade, the crypto market sentiment improved greatly probably due to the growth the market saw within this period.
In addition, indicators, experts and history have revealed that significant Bitcoin’s price growth is just around the corner even though correction may set in afterward.
CoinMetrics, a research/analytical platform that provides Cryptoasset market and network data, has revealed in a recent report that Bitcoin witnessed significant progress as the distribution of estimated cost basis of the cryptocurrency shows that “72% of all Bitcoin now has unrealized gains.”
This, Coinmetric referred to as great improvement compared to what was obtained last month. The research platform indicated that one month ago, Bitcoin had 50% unrealized gains.
Coinmetrics added that Bitcoin only needs to rise by a small amount to improve the sentiment of investors in the market.
Reserve Bank of India (RBI) Denies Placing Embargo on Bitcoin
The payer of the Internet and Mobile Association of India (IAMAI) against the circular published by RBI in 2018 has been answered at the supreme court.
The central bank has now stated that not all companies have been restricted from Bitcoin and other crypto activities in the country, but it only ringfenced regulated authorities like Banks from such act.
The federal reserve bank made the statement in response to the petition filed by IAMAI.
“Firstly, the RBI has not prohibited VCs (virtual currencies) in the country. The RBI has directed the entities regulated by it to not provide services to those persons or entities dealing in or settling VCs,” RBI explained.
“The RBI has been able to ringfence the entities regulated by it from being involved in activities that pose reputational and financial risks along with other legal and operational risks,” RBI explained.