The market was also good for Ether, the second largest currency in the crypto market, but it lost the momentum on Wednesday. The value of Ether on Coinswitch Kuber is $2,866 (approximately Rs 2 lakh) at the time of writing this news. At the same time, the value of Ether in global exchanges is at the mark of $ 2,700 (about Rs 2 lakh). In this way, in the last 24 hours, this coin has fallen close to 3.48 percent. Compared to the price of Ether a week ago, data from CoinGecko shows that the value of the cryptocurrency is still at a profit of 7.9 percent.
Gadgets 360’s cryptocurrency price tracker also shows the status of altcoins. Accordingly, Cardano, Solana, Avalanche, Polygon, Terra, Binance Coin, Cosmos, Polkadot and Chainlink have all seen significant losses in value. At the same time, Metaverse tokens Decentraland (MANA), The Sandbox (SAND) and Enjin Coin (ENJ) are also not performing well.
Like altcoins, Mim Coins has also not had a good start this month. Both SHIB and DOGE saw a decline on Wednesday. Dogecoin is currently valued at $0.14 (approximately Rs.11) with a fall of 3.13 per cent in the last 24 hours. At the same time, the value of Shiba Inu is $ 0.000022 (approximately Rs 0.002), which has decreased by 4.61 percent in the last 24 hours.
Amid the ongoing volatility in the crypto market, India’s Finance Secretary TV Somanathan has told a news agency that cryptocurrencies like Bitcoin or Ether will never be considered legal tender. Only the digital rupee issued by the Reserve Bank (RBI) will be legal tender.
The digital currency will be backed by RBI, which will never default. The money will belong to RBI, its nature will be digital. Digital form will also be considered as legal tender. The Finance Secretary said that non-digital assets can also be bought using Digital Rupee.
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