In India Bitcoin, Ether, Dogecoin is returning to the rhythm after pushing the ban
The market price of Bitcoin and Ether has been declining for several days now. On Wednesday, after the government announced a ban on cryptocurrency, the market price of popular currencies fell sharply. But now that fear has been allayed. As a result, in addition to some reassurance to investors, the upward trend in the market value of coins has also returned.
According to the Indian crypto exchange Coinswitch Kuber, the market price of Bitcoin now stands at, 59,174 (approximately Rs. In addition, according to CoinMarket Cap, its current market value in the international market is ৭ 57,516 (approximately Rs. 42.7 lakhs). Although the mid-week downtrend has narrowed the gap between international and domestic trade prices, domestic investors are still not fully able to take the risk of spontaneous investment, fearing the recent depreciation.
Along with Bitcoin, the world’s second-most valuable cryptocurrency, Ether also fell more than 20% by Wednesday, rising sharply again. According to Coinswitch Kuber, Ether is currently trading in India at 4,424 (approximately Rs. 3.3 lakhs). The current market value of the currency in the international market is 4,295 (approximately Rs. 3.3 lakhs), according to data from the global exchange, CoinMarket Cap.
Edul Patel, co-founder, and co-founder of AI-based crypto investment medium Mudrex said: “The crypto market has been relatively volatile in the last 24 hours. Bitcoin, the world’s most valuable currency, has crossed the 56,000 mark in terms of trade value. Besides, the market prices of all the major currencies except the three major currencies remained within the expected range. Not only that, with the price of Bitcoin within this range, the next 24 hours are going to be a good time for the crypto market, he said.
On the other hand, the reversal of Wednesday’s situation has led to a significant increase in the trade value of most marketable altcoins. Currencies such as Ripple, Polka-dot, Cardano, Tether, Litecoin have risen significantly in the last 24 hours. However, one of the top 50 currencies in terms of capital, Monero, has seen a slight decline in the market value of a crypto coin.
Mime-based currencies, Dogecoin and Shiba Inu have also seen significant price increases. Dogecoin is up 1.63% in the last 24 hours and is currently trading at 0.22 (approximately Rs. 17.89). Shiba Inu, on the other hand, has gained 0.56% in the last 24 hours and is currently trading at ০০ 0.000041 (approximately Rs. 0.003041).
Incidentally, the central government recently drafted a new economic bill that would ban the use of all private cryptocurrencies in the country. Only time will tell whether the bill will be passed or any necessary amendments will be made. For now, however, the bill is set to be introduced in the upcoming session of Parliament on November 29, according to sources.