Bitcoinis now just a heartbeat away from its 2017 peak, but the current rally has been disproportionately powered by institutional investments betting on the cryptocurrency. The enthusiasm about the rally is, however, lacking among retail investors.A bitcoin is now worth ₹12.4 lakh, more than double its January value of ₹6 lakh, and nearly three times its March low of ₹3.8 lakh. Bitcoin had hit a record price on 15 Dec. 2017, when it was worth ₹12.6 lakh. According to experts, the rebound is driven by institutional interest in the US, with many companies investing part of their treasuries in such assets. Rupee depreciation against the dollar also contributed to a faster rebound for bitcoin-denominated in Indian rupees. The rupee has weakened from around ₹64 to the dollar in December 2017 to its current exchange rate of ₹74.5.
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