On international exchanges like CoinMarketCap and Binance, it is being traded for around $50,000 (approximately Rs 38 lakh). Bitcoin fell far below its all-time high of $68,327.99 due to speculation that a recent ban on cryptocurrencies in India.
The price of Ether, the world’s second largest cryptocurrency, also opened with a fall of 0.14 percent. According to Gadgets 360’s crypto price tracker, it is currently trading at $4,612 (approximately Rs.3.4 lakh). Despite a lot of volatility in the market over the past few days, the price of Ether has remained above $4,000. Cardano, Ripple, Shiba Inu and Polygon also saw some decline in prices. However, altcoins such as Tether, USD Coin, Dogecoin, Litecoin, Uniswap and Chainlink have seen some increase in prices.
Crypto investment firm Mudrex told Gadgets 360, “The cryptocurrency market is likely to remain in a range in the coming days.” The number of people investing in cryptocurrencies is increasing around the world. A recent study shows that the number of crypto users has increased to 28.8 percent this year. This is an increase of about 10 per cent from the previous year’s 18.4 per cent.
However, in some countries including India, the government and regulators have expressed apprehension regarding cryptocurrencies. In India, the Finance Ministry has prepared a crypto bill which states the need to ban private cryptocurrencies. It also includes arresting those who violate the law. After getting approval from the Union Cabinet, this bill will be presented in the Parliament.
The central government has said that its aim is to promote blockchain technology, but legal experts say that the proposed law will also be a setback for the non-fungible token market in India. According to an estimate, there are around 20 million crypto investors in the country. They have crypto holdings of around Rs 45,000 crore.<!–
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