Thu Dec 05 16:33:32 UTC 2024: ## Bitcoin Surges Past $100,000 for the First Time

**Mumbai, December 5, 2024** – Bitcoin, the world’s largest cryptocurrency, has breached the $100,000 mark for the first time, reaching a record high of $102,585 (approximately ₹86.91 lakh) today. This represents a surge of over 7% in a single day and a remarkable 118% increase over the past year, up from $43,494 (₹36.85 lakh) on December 6, 2023.

The recent surge follows a period of consistent growth, particularly after Donald Trump’s reelection victory last month. Experts predict further price increases in the coming days.

This significant milestone comes amidst a backdrop of new cryptocurrency taxation in India. The government recently implemented a 30% tax on cryptocurrency earnings, along with a 1% TDS on transactions and a 30% tax on gifted cryptocurrencies.

Bitcoin, first released in 2009 as an open-source software by the group known as Satoshi Nakamoto, is a network-based digital currency used for online payments of goods and services. Unlike traditional currencies, it is decentralized and not controlled by any single entity, making it susceptible to price volatility.

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