Cryptos making new lows!!

-

 


April 13 2021- Bitcoin reached its zenith touching its lifetime high at $64,800...

June 21 2021- Bitcoin hits its lower circuit of 2021 falling to about $31,608.

A catastrophic rise in the prices of crypto currencies in 2020 made the world astonished. Its rise continuing till April 2021. But after a series of events it made its lowest of 2021 in just 2 months of time period. Not only bitcoin but also its biggest rival Ethereum also plunged and reached its all time lows of 2021. Dogecoin, Lash coin etc also gave big shocks to investors.

What happened actually?

Amid large selling pressure after reaching its zenith the cryptos started falling but it resisted its position after sometime not making major downfall but due to other series of events it plunged extensively.

But China the biggest miner of cryptos in the world banned mining and trading of crypto currency alleging them as 'speculative' and 'a means of tax evading source of income'. The Chinese banking Assosciation refrained its banking members to provide service related to exchange of cryptos. They strictly denied payment platform Alipay to allow services relating to trading of virtual currencies. Moreover, a Chinese city Sichuan with abundant reseves of hydroenergy shut down mining activities in the city. The fate of crypto currency is in the hands of China as it contributes to total 65% production of world's crypto production.

Former world's richest person Elon Musk also contributed in the landslide fall of prices in cryptocurrency. Initially the world considered him as 'Crypto Crusader' helping in the rise of prices but later he started tweeting against cryptos making negative sentiments and leading to fall in prices of crypto currency. He wrote that virtual currency mining is hazardous to environment and refused accepting Bitcoin as a medium of exchange for buying cars of Tesla which gave a blow to investors.

Experts are considering prices to go below $25,000 in recent future and it would be quite interesting to know what will be the prices of virtual currencies in future. Comment below your views.


Comments

Post a Comment

Popular posts from this blog

Breakdown of IPL Revenue

-
Image
The IPL season is coming back with a bang and all the fans are eagerly waiting for the new season. The Indian Premier League is a franchise owned cricket team competition comprising players from all over the world, before its inception there was another cricket league started by the Zee Group named as the Indian Cricket League (ICL) but this league lost its existence due to resistance by the BCCI and its vision of starting a new league under its own authority.  Every year the IPL breaks its all past financial records and with the addition of two new teams the expectations are more. The Indian Premier League is a cash cow for the BCCI and is the world’s second richest league. It is also the world’s biggest cricket league with a fan base from all over the world. Everyone’s fascination for this league never ends and with this let us talk about its big numbers:  The league earns its revenue basically from three major sources:  1. Broadcasters  2. Ad Sponsors  3....
Read more

Union Budget 2022-23

-
Image
  The Finance Minister of India Mrs. Nirmala Sitharaman presented the Union Budget 2022-23 in Lok Sabha and in her 90 minutes long speech she announced the government's expenditure outlay for 2022-23. In this budget she announced some major takeaways which are listed below: Key Highlights of Budget 2022-23: The country is expected to grow at 9.27% in the coming year highest among the developing and developed countries. In this budget focus is on inclusive development, energy transition, digitization and climate action. Fiscal Deficit for the current year is at 6.9% of GDP. There is no change in the income tax slabs for this year, Effective expenditure will be 10.68 lakh crore or 4.1% of GDP. Capital expenditure raised by 35.40% from 5.54 lakh crore to 7.50 lakh crore. Spectrum auction will be conducted to roll out 5G mobile services within 2022-23 by private firms. The Draft Red Herring Prospectus (DRHP) for India's biggest Insurance company LIC will be completed by...
Read more

The Jio Scam

-
Image
In telecom industry there are licenses in the name of spectrum to be taken from the government in order to provide telecom services in the nation. The government issues three types of licenses: 1. Mobile Internet Connection License 2. Cable Broadband License 3. Wireless Broadband License Back in the year 2007, the government issued telecom spectrum for wireless broadband connection and in the year 2010 TRAI clarified that this spectrum could only be used for broadband internet and not for voice calls. Companies like Vodafone, Airtel, BSNL had spectrum for both mobile connection and cable broadband so they thought that this spectrum was of no use for them and thus they didn't participate in the auction.  But in 2011 for the spectrum auction a company named Infotel who had a networth of just only 2.5 crores had applied for the bid. The auction had a compulsion that the company applying for the bid must have 250 crores bank gaurantee. Infotel surprisingly got the bank gaur...
Read more

Kumar Mangalam Birla's Smart Move

-
Image
  Recently Kumar Mangalam Birla the CEO of Aditya Birla Group has stepped down from the CEO position of the debt trapped company Vodafone-Idea (VI). He has also written a letter to the Government to offer his 27% stake in VI to any Public Sector Company run by the Government of India or any other private entity who are interested in handling the telecom giant company. He also wrote in his letter that he has tried his best to revive the company but wasn't able to do that due to immense competition faced by Jio and Airtel. After coming of Jio only three companies could have survived in the Indian market which were Vodafone, Idea and Airtel. But now it seems VI has also cleared the ground for Jio and Airtel. He told the Government in his letter that if they want a three company competition in the telecom market then specify it and take concerned steps for it. He also stressed on floor pricing of plans per subscriber so that they can survive in this fierce price war.  How Birla pl...
Read more

Akasa Airways and The Big Bull

-
Image
  "If you want to be a millionaire then simply just be a billionaire and invest in aviation sector and you will end up becoming a millionaire ." Stock Market maverick Rakesh Jhunjhunwala has backed upcoming ultra low cost Airline carrier named Akasa Airlines and he will pump around 260 crores and hold around a 40% stake in this venture. Recently after the bankruptcy of once the Indian Airways giant Jet Airways, the government failing multiple times in bidding for disinvestment of Air India and finally ending up with giving it to the Tata Group, the covid threats circling around the aviation sector and the government not giving any support to aviation sector after facing the repercussions of corona virus pandemic. The business world is shocked as to why the Big Bull is investing in aviation sector. Although Rakesh has pumped a very small percentage of his net worth so he is not risking more. But he has planned a strategic layout for his ambitions by initially cornering ex pres...
Read more