One of the main attractions of the crypto world, Bitcoin, has been continuously falling in price for quite some time now. By Thursday, there was a possibility of a slight improvement in the trading price, but the currency did not make an exception to the current trend in the end.
It is currently trading at $60,879 (roughly Rs. 45.2 lakh) in the domestic market, according to Indian crypto exchange Coinswitch Kuber, keeping the market’s downward trend. On the other hand, according to Coinmarket Cap, its current trade value in the international market is $55,950 (about Rs 41.5 lakh). Over the past 24 hours, the coin has lost 7.55% to hit a low of $60,000 (roughly Rs. 44.7 lakh), the lowest so far this month. Incidentally, just last week, the market price of Bitcoin had broken all records and reached a maximum of 68,990 dollars (about 51.18 lakh rupees). In just one week, the situation has taken a complete opposite turn.
This sudden fall in the country’s oldest digital currency has fueled a downward trend in the trading value of more or less all currencies. A 5% drop in crypto market capitalization is at least indicative of that. According to Coinswitch Kuber, the world’s second most valuable currency, Ether, has lost 6.84% in the last 24 hours, currently touching $4,046 (around Rs. 3 lakh). According to sources, the trading price of the Ethereum-based cryptocurrency has fallen by more than 15% from its record high of $4,870 (about Rs. 3.61 lakh) on November 10.
In the past 24 hours, the crypto world has witnessed extreme ups and downs, said Edul Patel, co-founder and CEO of Mudrex, an AI-powered crypto investment platform. The price of Bitcoin has fallen to around $57,000 (about Rs. 42.3 lakh). The market price of Ether also fell to around $4,000 (about Rs. 2.96 lakh). Also, almost every one of the 30 major cryptocurrencies have seen significant declines. Likely, the crypto market will be equally volatile in the next 24 hours as the week ends.
Dogecoin and Shiba Inu, despite seeing a slight improvement in conditions in the middle of this week, fell again yesterday. With a decrease of 9.21%, Dogecoin is currently trading at $0.23 (about Rs 17.80). On the other hand, Shiba Inu is currently trading at $0.000042 (approximately Rs.0.003149) after losing 11.95 percent. Besides, altcoins like Cardano (Kardano), Ripple (Ripple), Polka-dot (Polka-dot), Polygon (Polygon) have also been included in the price reduction list.
Recently, Prime Minister Narendra Modi gave a message to all the democratic countries of the world to unite on the use of crypto from the stage of the Sydney Dialogue. He also warned in advance that this digital currency will endanger the country’s youth and economic stability if it falls into the wrong hands. A few days ago, the Prime Minister spoke for the first time about the future of crypto in the country in a meeting organized with high level government officials.
The center has been active in crypto for a long time. According to sources, a bill on crypto is also planned to be tabled in the upcoming budget session.