Bitcoin price surpasses Rs4.5 million for the first time in 2 months

On Saturday, Bitcoin surpassed $20,000 (Rs4.5 million) for the first time in more than two months. The strongest and most popular cryptocurrency in the world gained $922 from its previous closing to appreciate 4.6 per cent to $20,853 at 1:00 GMT on Saturday.

Since January 1’s low of $16,496 for the year, the cryptocurrency has increased by 26.4 per cent.

On Saturday, the price of Ether, the digital currency linked to the Ethereum blockchain network, rose by $85.90 to $1,536.3.

Both traditional and cryptocurrency investors were pleased with the report’s findings. But it also occurs at a moment when Washington has a revived interest in cryptocurrency.

Legislators are on high alert after FTX’s fall in November. Sam Bankman-Fried, the founder and former CEO of FTX, was detained last month and charged with eight offenses, including wire fraud and violations of campaign financing laws.

While many on Twitter are happy with Bitcoin’s recent gains, $20,000 is still 71 per cent below the cryptocurrency’s previous record high of just over $69,000.