Demand for the digital currency Bitcoin has skyrocketed

Bitcoin is banned in many countries including Bangladesh. It has no institutional recognition, no transaction guarantee. Besides, there is no authority for control. However, the demand for the digital currency Bitcoin is now high. The price of Bitcoin is increasing rapidly. The price of this currency has increased by more than 8 thousand dollars in the last one month.

And in the last one week, the price of Bitcoin has increased by 2 thousand 628 dollars. In addition, its price has increased by about 1 thousand dollars in the last 24 hours, reaching 37 thousand 858 dollars at the time of writing this report.

This information is known from the sources of digital currency trading exchange app Binance.

According to the data, a month ago it cost 29 thousand 750 dollars to buy a bitcoin. At 1:00 PM today, the price of each Bitcoin rose to around $37,858. This is the highest rate in the last one and a half years. A day ago, the price of a digital currency Bitcoin was 36 thousand 873 dollars. That is, the price has increased by about 1 thousand dollars in one day.

According to sources, Bitcoin trading is completely banned in several countries including Bangladesh. However, the transaction does not stop. In keeping with the international arena, its business is expanding illegally in Bangladesh as well. There are also cases of fraud. As the price of goods purchased abroad is being paid with Bitcoin, so is investing in it. Again, its use is increasing in international transactions.

The price of other currencies is also increasing due to the influence of digital bitcoin. The price of BNB increased by 52 dollars in a month. One BNB coin was priced at $213 a month ago. Today it went up to $265. And in one day the price of BNB increased by 23 dollars.

In addition, during this period, the price of another coin, Ethereum, increased by about 500 dollars. A month ago, the price of this digital currency was 1 thousand 625 dollars. Today its price increased to 2 thousand 123 dollars. However, in one day, the price of ethereum has decreased by about 50 dollars.

It is known that several people have been arrested by the police in Bangladesh for trading with this illegal currency. Those involved in these illegal transactions are booked under the Prevention of Money Laundering Act. Besides, law and order forces are working to prevent such transactions.

The global cryptocurrency market capitalization stands at $1.31 trillion. The market capitalization has risen by 9.22 percent in the last one day. 67 thousand 190 billion dollars of the market capitalization is held by the digital currency Bitcoin. In the last 24 hours, 5 thousand 2.3 billion dollars worth of Bitcoins have been traded.

So far, Bitcoin transactions are going on in various countries of the United States, United Kingdom, Germany, and the European Union. Its business is expanding in India as well. Money laundering authorities are careful to prevent fraud in many countries including the United States, United Kingdom, and Canada. China has also released alternative virtual currencies into the market as personal currencies in their country. Many countries have introduced digital currencies to compete with Bitcoin. Among these, China has advanced more. They are preparing to transact in digital currencies within the country as well as in the international arena.

Meanwhile, Bitcoin is being used as a ‘private currency’ in Germany. Bitcoin is used for online transactions in many European countries. Also being used as a storage medium. Bitcoin is especially used to invest black money. Its price is very high and due to price increase, investors are getting good profits from it very quickly. Because of this, many countries have established private institutions to advise on Bitcoin investment. Its transaction is completely prohibited in many countries including Bangladesh, Nepal, Ecuador, Bolivia, Algeria. Despite that, these currencies are being traded online in these countries.

Bitcoin trading started in Bangladesh around 2012. When the matter came to the attention of Bangladesh Bank, it collected some information and evidence. Based on this, on September 15, 2014, Bangladesh Bank published a public notice.

Then the public notice is called, the news published in the media has revealed that the online artificial currency called Bitcoin is being traded in the country. But Bitcoin is not a legal tender of any country. Transactions in Bitcoin or Bitcoin-like or any other artificial currency are not recognized by Bangladesh Bank or any agency of the Government of Bangladesh. These transactions outside the approval of Bangladesh Bank or any other regulatory body will be considered as a punishable offense under the Foreign Exchange Control Act 1947 and Prevention of Money Laundering Act 1012. In order to avoid potential financial and legal risks, the public is requested to refrain from trading or assisting in such transactions or promoting such transactions.

Since then, Bangladesh Bank has been on alert to prevent transactions in Bitcoin or other digital currencies. Bangladesh Financial Intelligence Unit (BFIU) has taken various initiatives in these fields. Repeated warnings are being issued by the central bank of the country.

Since its inception in 2009, Bitcoin has fluctuated widely in price. But the average price has skyrocketed. In 2013, the price of each Bitcoin was 99 dollars, in 2014 it increased to 951 dollars. In 2015, its price dropped to $250. During that year, its price fell when hackers stole the coins from the accounts of some customers. Then from 2016 its price started to increase again. That year, the price of each rose to $402. In 2017, it increased to 918 dollars. In 2018, its price jumped to 10 thousand 760 dollars. In 2019, the currency again faced a major price drop. In that year, it decreased by one jump to 3 thousand 536 dollars. In 2020, it increased again to 8 thousand 900 dollars.

Then in 2021, the price of Bitcoin exceeded $68,000. After that, due to Corona and Russia-Ukraine war in the world, the price of this currency started to fall. At the beginning of this year, the price of the currency fell to $15,000.

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