Bitcoin saw quite a steep drop in valuation after a strong start to the week and is currently trading marginally above the $ 65,000 mark (roughly Rs. 48.3 lakh) on global exchanges, while the most popular cryptocurrency in the world. world is valued at $ 70,085 (roughly Rs. 52 lakh) on the Indian exchange CoinSwitch Kuber. Although not much, this is an increase of 0.36 percent in the last 24 hours. The cryptoasset had risen to a new all-time high on Tuesday, trading at $ 68,525 (roughly Rs. 50.7 lakh) and has since struggled to trade at levels above $ 66,000 (roughly 49.1 lakh) on global exchanges. , which has forced resistance levels to fall. below the $ 65,000 mark (roughly Rs. 48.3 lakh).
Bitcoin could have had a weak weekend but that didn't hurt Ether surge for the slightest. The second largest crypto asset by market cap achieved a new all-time high of $ 4,840 (roughly Rs. 3.6 lakh) on Tuesday and according to Gadgets 360's cryptocurrency price tracker. Ether is currently trading near that price at $ 4,765 (roughly Rs. 3.5 lakh) on CoinMarketCap, up 2.99 percent from its 24-hour low. CoinSwitch Kuber, meanwhile, is priced at $ 5,154 (roughly Rs. 3.8 lakh).
Dogecoin and Shiba Inu Both are back to green as well with Shiba Inu marking a 4.44 percent increase, while DOGE is up 1.05 percent, trading at $ 0.26 (roughly Rs. 19.74).
"The cryptocurrency market saw bears get quite active over the last 24 hours. Profit booking came through most of the top 20 cryptocurrencies with a massive increase in trading volumes. Investors, however, In the long term they have no reason to worry as such a profit reserve is quite common after the market reaches a new high. In the next few days, we can expect the market to remain in range ", states Edul Patel, CEO and co-founder of algorithm-based crypto investment platform, Mudrex.
The market, at press time, was experiencing its fair share of ups and downs with Litecoin being the biggest winner throughout the day with a 7.48 percent gain to trade at $ 298 (roughly Rs. 22,151). Wave saw gains too, though Cardano, Tie, and Moles saw red. But none of the currencies saw too sharp a drop.
Government officials in India they have invited key cryptocurrency stakeholders for a meeting expected to be attended by partners from various cryptocurrency-based companies, including CoinSwitch Kuber, CoinDCX, WazirX, and Crypto Assets Council (BACC), among others. The Parliamentary Standing Committee on Finance will host the conference which is scheduled for November 15th.
The outcome of the meeting is expected to influence the draft formulation of the cryptocurrency bill, which will be presented to parliament later this year. The Reserve Bank of India (RBI) is also working on launching its official digital currency as a regulated "central bank digital currency (CBDC)" by the end of 2021.
On the subject of regulation, the U.S. Securities and Exchange Commission (SEC) record stopped for two new tokens, Ducat and Locke, issued by a decentralized autonomous organization (DAO) called American CryptoFed DAO. The watchdog said in a statement that American CryptoFed DAO's regulatory filing contained "materially misleading statements and omissions."
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.
