The market price of Bitcoin (Bitcoin), Ether (Ether) has seen several rhythmic declines for a few days. On Wednesday, after the government announced a ban on cryptocurrencies, market prices of popular currencies fell further. But now that fear is gone. As a result, in addition to investors being somewhat reassured, the coin’s market value has also returned to an upward trend.
According to calculations by Indian crypto exchange Coinswitch Kuber, on Wednesday night, after a 25% price drop, Bitcoin’s market price is currently at $59,174 (roughly Rs. 44.07 lakh), after gaining 15% overnight. Also, according to data from CoinMarket Cap, its current trade value in the international market is $57,516 (about Rs. 42.8 lakh). While the mid-week bearish market narrowed the gap between the currency’s international and domestic trading prices somewhat, domestic investors are yet to fully overcome fears of recent depreciation and take spontaneous investment risks.
Along with Bitcoin, the world’s second most valuable crypto currency, Ether also rebounded significantly after losing more than 20% in value by Wednesday. Ether is currently trading at $4,424 (roughly Rs. 3.3 lakh) in India, according to Coinswitch Kuber. According to data from global exchange, CoinMarket Cap, the current market value of the coin in the international market is $4,295 (about Rs. 3.3 lakh).
Edul Patel, co-founder and CEO of Mudrex, an AI-based crypto investment medium, said in this context, ‘The crypto market has remained fairly volatile in the last 24 hours. The world’s most valuable currency, Bitcoin, has crossed the $58,000 mark in trading prices. Besides, market prices of all three major currencies remained broadly within the expected range. Not only that, he opined that the next 24 hours is going to be a good enough time for the crypto market if the price of Bitcoin stays within this range.
On the other hand, most of the active altcoins showed a noticeable increase in trading value, in complete contrast to the situation on Wednesday. The market price of coins like Ripple (Ripple), Polka-dot (Polka-dot), Cardano (Kardano), Tether (Tether), Litecoin (Litecoin) has risen considerably in the last 24 hours. However, one of the top 50 coins by capitalization, Monero, a crypto coin, has seen a slight decline in its market value.
Mime-based coins, Dogecoin and Shiba Inu have also seen a slight increase in value. Dogecoin, up 1.83% in the last 24 hours, is currently trading at $0.22 (roughly Rs. 16.69). On the other hand, Shibainu is currently trading at $0.000041 (approx. Rs. 0.003041) after gaining 0.57% in market price in the last 24 hours.
Incidentally, the central government has recently drafted a new Finance Bill, which will reportedly ban the use of all private cryptocurrencies in the country. Time will tell whether the bill will be passed or any necessary amendments will be made. However, for now, the bill is going to be tabled in the upcoming session of Parliament on November 29, according to sources.