In the past two days, Bitcoin has depreciated by more than 20%. The cryptocurrency is currently trading at US$59,817 (approximately Rs 4.46 million), which is up 1.24% on the Indian exchange CoinSwitch. On the international exchange CoinMarketCap, the first cryptocurrency is worth 58,000 US dollars (approximately 4.3 million rupees). The current Bitcoin situation is in stark contrast to the situation a few days ago, when the coin was hovering near a historic high of US$68,327.99 (approximately Rs 5.05 lakh). After India’s proposal to ban “private cryptocurrencies” was placed on the parliamentary agenda, the crypto market collapsed earlier this week.
Ether got rid of the negative influence of the market earlier than Bitcoin. According to data from the Gadgets 360 encrypted price tracker, Ethereum rose by 3.85% and traded at US$4,573 (approximately Rs 340,000) on Friday, November 26. Earlier this month, Ether also set a record high, with a transaction price of US$4,811 (approximately Rs 350,000).
The dominant green on the crypto price chart today indicates that the transaction value of most popular cryptocurrencies, including Tether, Ripple, USDCoin, and Dogecoin, has risen. On the other hand, some tokens such as Cardano, Polkadot, and Shiba Inu recorded marginal declines.
India is preparing to put the topic of encryption on the parliamentary seat in the next few days. Currently, the country is considering banning all “private cryptocurrencies”, but did not elaborate on the definition of the term.
In addition, the risks that cryptocurrencies are prone to have have become a topic of debate among enthusiasts. Recently, after the FBI warned people against more and more crypto scams, the Shiba Inu team notified investors about a scam on Telegram.
Tesla CEO Elon Musk also seconded an idea on Twitter to push investors to keep their crypto assets in private wallets instead of giving their custody rights to centralized transactions such as Binance and Robinhood Place.
News Source : Gadgets 360
