The prices of few valued coins have dropped drastically, one such effect has been on Bitcoin which has continued to drop down despite of information shared on recovery recently. As Bitcoin is trading presently at $60,879 ( about Rs. 45.2 lakhs) as per Indian exchange CoinSwitchKuber. On the other hand the global exchange as CoinMarketCap valued the topmost cryptocurrency at $55,950(about Rs. 44.7 lakhs) mark that it has been moving around at from last few days. This adds to cryptocurrency’s lowered value for around one month.
Bitcoin’s drop down affected various other crypto assets too cause global crypto market capitalisation had seen a 5% drop all over. Where Ether had went down to 6.84% from the last 24 hours for being valued at $4,046 which was around 3.27lakhs on CoinSwitchKuber, whereas global exchanges notice an average loss of 5.28% to $4,042 (around Rs. 3Lakh). The Gadgets 360’scryptocurrencyprice tracker has tracked that the Ethereum based cryptocurrency has been corrected by above 15% since November 10 with an hike.
So the crypto world has noticed a hike of 24 hours as BTC had went down by $57000 ( about Rs. 42.3 lakh). Also the biggest Altcoin Ether has gone closer to $4000 (around 2.96 Lakh). So each and every top shot 30 cryptos who are holding the Stablecoins have closed in red. Therefore, the next 24 hours would be volatile, with the coming weekend, as per Edul Patel, who is CEO and co-founder of Mudrex which is a crypto investment base.
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Crypto Market Tracker Reveals
The CryptoMarket Tracker although is not in appropriate position today as red influences 24 hour change tab. Where Cardano, Ripple, Polygon, Tether and Polkadot have seen higher slips.
Where Dogecoin and Shiba Inu which are meme coins have shown recovery by mid week but have shown huge drops by Thursday, as Doge is at present trading at $0.32 (around Rs. 17.80) down by 9.21 %
Prime Minister’s Concern
Our Honourable Prime Minister Narendra Modi has also shown concern for the youth by mentioning that all the democratic nations should work together for assuring that cryptocurrency is not going in wrong hands, as it could endanger the youth, during keynote address. Initial public comments which had appeared on topic of cryptocurrencies had come after Prime Minister had taken a high level meeting with market players last week, to discuss the issues concerning crypto regulation and also to listen the concern for the current state of affairs in unregulated crypto world.
Cryptocurrency law is suggested to be passed in parliamentary session starting this month as per government.
Where Chinese government didn’t put any pressure on its crackdown on crypto cause the news outlets of crypto are indulged in suspending its operations. As both the cryptonews outlets Odaily and ChainNews aren’t able to be accessed for long and have also not mentioned the reason as well, although these outlets have continuously shown their moment on Twitter and Telegram and both these apps are forced stopped in China.
Crux
The concern of government for regulating crypto is on the correct route as although people are working with crypto on faith of blockchain network but still putting regulation on the same would make trading much safer for the interested investors.
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