Bitcoin prices have continued their decline despite signs of recovery Thursday morning. Bitcoin is currently trading at $ 60,879 (roughly Rs. 45.2 lakh) on the Indian exchange CoinSwitch Kuber, while global exchanges like CoinMarketCap value the most popular cryptocurrency at $ 55,950 (roughly Rs. 41.5 lakh). Speaking of percentages, the past 24 hours have seen Bitcoin drop 7.55 percent, dropping well below the $ 60,000 mark (roughly Rs. 44.7 lakh) that has been hovering for the past few days. This also marks the lowest valuation of the cryptocurrency in over a month, a stark contrast to the all-time high of $ 68,990 (roughly Rs. 51.18 lakh) reached last week.
Bitcoin The struggles also appear to have trickled down to all other crypto assets, as the global crypto market capitalization saw an overall 5 percent drop. Ether fell 6.84 percent in the last 24 hours to be valued at $ 4,406 (roughly Rs. 3.27 lakh) on CoinSwitch Kuber, while values โโon global exchanges see an average drop of 5.28 percent to $ 4,042 (approximately Rs. 3 lakh). Gadgets 360's cryptocurrency price tracker shows that the Ethereum-based cryptocurrency has seen a correction of more than 15 percent from its November 10 all-time high of $ 4,870 (roughly Rs. 3.61 lakh).
"The crypto market witnessed 24 volatile hours as BTC fell towards $ 57,000 [roughly Rs. 42.3 lakh]. The largest altcoin, Ether, approached $ 4000 [roughly Rs. 2.96 lakh] Frames. All of the top 30 cryptocurrencies, except for stablecoins, ended in the red. With the weekend approaching, the next 24 hours will likely remain volatile, "states Edul Patel, CEO and co-founder of AI-powered crypto investment platform Mudrex.
The cryptocurrency market tracker is certainly not a pretty sight nowadays, as red dominates the 24-hour exchange tab. Cardano, Polygon, Wave, Moles, and Tie saw big slips.
Even corners Dogecoin and Shiba Inu it showed minor signs of recovery in the middle of the week, but saw big declines through Thursday. While DOGE is currently trading at $ 0.23 (roughly Rs. 17.80) down from 9.21 percent in the last 24 hours, Shiba Inu is valued at $ 0.000042 (roughly Rs. 0.003149), a whopping 11.95 percent.
On Thursday, Prime Minister Narendra Modi said that all democratic nations must work together to ensure that cryptocurrency "does not end up in the wrong hands, which may ruin our youth" for a opening speech. PM Modi's first public comments on the subject of CRYPTOCURRENCY It happened after he convened a high-level meeting with market players last week, held to discuss issues related to crypto regulation and to hear concerns about the current state of affairs in the unregulated crypto market. in India.
The government aims to introduce and pass a cryptocurrency law in the parliamentary session starting this month.
Closer to home, the Chinese government does not stop pushing its internal crackdown on cryptocurrencies as popular crypto news media now it seems that they have begun to suspend operations. The encryption media ChainNews and Odaily have become inaccessible in recent days and neither media has indicated a reason. Instead, both outlets have continued their activity on Twitter and Telegram, apps that are banned in China.
Cryptocurrency is an unregulated digital currency, it is not a legal tender and is subject to market risks. The information provided in the article is not intended to be or constitutes financial advice, business advice or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV will not be liable for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
