Cryptocurrencies see continued growth: Bitcoin up 39.7% from year low in June

On Saturday, bitcoin climbed by $798.93 or 3.36 per cent to $24,584.24, surpassing its previous close. The biggest and most well-known cryptocurrency in the world, Bitcoin, has increased by 39.7% from its June 18-year low of $17,592.7. Ether, the cryptocurrency connected to the Ethereum blockchain, increased by $10.46 or 0.61 per cent on Saturday to reach $1,734.08.

Tesla, a maker of electric vehicles, revealed in its Q2 filing with the U.S. on Monday that it had $222 million in digital assets as of the end of June. Commission for Securities and Exchange. The business bought $1.5 billion worth of Bitcoin back in February 2021. The corporation liquidated 75% of its bitcoin holdings, worth about $936 million, last week, according to news reports. CEO Elon Musk claimed that the sale was brought on by uncertainties around the timing of China’s Covid prohibition relaxation. In Shanghai, Tesla currently has one factory.

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Just seven months after the virtual currency soared to a record high, Bitcoin plunged in June to an 18-month low of around $23,000 in a widespread cryptocurrency crash as investors abandoned riskier assets in the face of a severe global market selloff. The announcement that cryptocurrency lending platform Celsius Network has halted withdrawals due to unsteady market conditions also had a significant negative impact on the most widely utilised crypto asset in the world. When data revealed that US inflation had reached a new four-decade high, global stock markets crashed. This fueled fears of a worldwide recession and caused investors to avoid risky cryptocurrencies like bitcoin and ether in favour of more established, secure assets like the dollar.

(with inputs from agencies)