Cryptocurrency: $2 Trillion Market Cap As Bitcoin Gains. The total market value of cryptocurrencies rose above $ 2 trillion (roughly Rs. 1,48,56,860 crores) again as Bitcoin continued to climb and the likes of Cardano, XRP and Dogecoin also advanced.
The market value of the cryptocurrency surged to $ 2.06 trillion (roughly Rs. 1,53,00,220 crore) on Saturday, according to CoinGecko, which tracks more than 8,800 coins.
Bitcoin reached $ 48,152 (roughly Rs. 35.7 lakhs), the highest level since May 16, as it showed staying power above its 200-day moving average. The price of Bitcoin in India stood at Rs. 36.53 lakhs at 10 a.m. IST of August 16.
However, it was not just Bitcoin that held back the overall market advance. At 1 p.m. (10:30 a.m. IST) in Hong Kong on Sunday, Cardano, now the third-largest cryptocurrency after Bitcoin and Ether, was up 47 percent in the past seven days. Binance Coin gained 14 percent, XRP 61 percent, and Dogecoin 18 percent during the same period, according to CoinGecko prices.
The Ethereum price in India stood at Rs. 2.53 lakhs, while the Cardano price in India stood at Rs. 160, the XRP price in India stood at Rs. 99.57, and the Dogecoin price in India stood at Rs. 26 at 10 a.m. IST of August 16.
Bitcoin continues to trade above its 200-day moving average
Bitcoin continues above its critical 200-day moving average, ”Fundstrat strategists wrote in a note on Friday. “Also on our radar is Cardano (ADA), which after noting that smart contracts will soon hit the platform earlier this week, has risen significantly.”
The upward movements came even after the cryptocurrency industry failed to achieve a change to cryptocurrency tax reporting rules in a U.S. infrastructure bill, leaving language intact for broad oversight of virtual currencies in legislation passed by the Senate on Tuesday.
“The price of Bitcoin was surprisingly resilient in the wake of the news,” NYDIG Head of Global Research Greg Cipolaro wrote in a note dated Saturday. “We interpret this price action as extremely optimistic” and “believe that the recognition of the crypto industry by lawmakers was ultimately a legitimizing event, one that should give investors the peace of mind that this industry is here to stay. “
Can You Convert Cryptocurrency Into Cash? Yes, Here’s How
Cryptocurrency is now a popular investment option for the youngest, but you can’t exactly spend your crypto to pay for your dinner. Well, you can if you want to choose from some limited options (as the big companies join in), but for the most part, people still need to convert their cryptocurrencies to cash.
The good news is that it is very easy to do. With that said, there are several factors that a person might want to consider before converting their cryptocurrency to cash.
Digital tokens are extremely volatile and their values fluctuate a lot, so if your timing is wrong, you can potentially lose money. On the other hand, a risk-averse investor, seeing the uncertainty surrounding digital currencies, might consider converting their digital money to fiat currency.
Either way, this is what he needs to know to convert his cryptocurrency to cash. Just remember that if you withdraw money, you will have to pay taxes on your earnings, although cryptocurrencies currently exist in a legal gray zone in India, that does not mean that the gains made by investing in this asset are outside the realm of taxes.
How to convert your cryptocurrencies into cash?
Let’s understand this by taking Bitcoin as an example of a cryptocurrency that you want to convert to cash. Remember to keep in mind that converting any cryptocurrency to cash will involve taxes and an exchange fee that will be charged by an external broker based on the number of digital tokens.
Not forgetting that an external broker may take a day or two to transfer the money to your bank account. The price of Bitcoin in India stood at Rs. 36.53 lakhs at 10 a.m. IST of August 16.
Now let’s move on to converting cryptocurrencies into cash. There are two ways to do it.
1. Through an exchange or broker
This is similar to the currency exchange system at airports. Once you deposit your digital currency to exchange and request a withdrawal, the broker will transfer the money to your bank account.
However, since there are money laundering restrictions for brokers, you must withdraw your money through the same bank account that you made the deposit into.
The biggest downside to this conversion method is the time it takes. Experts say it is safe and secure, but it takes time for the money to be reflected in your bank account. The exchange also charges a fee for the transaction, and it varies from broker to broker and country to country.
2. Through an exchange or broker
Considered a faster and anonymous method, a person can use a peer-to-peer platform to convert their digital currency into cash simply by selling it. The other advantages include a smaller fee and the possibility of a better exchange rate compared to a third-party brokerage. Having said that, you need to beware of scammers.
It is recommended that you request proof of identification and payment before releasing your cryptocurrency.
You can also use a peer-to-peer platform that keeps your digital tokens locked until the money is credited to your bank account.
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