Crypto Currency

All major cryptocurrencies saw a fall of around 15 per cent or more

Cryptocurrencies

New Delhi [India] : Crypto markets crashed following news of the government introducing a Bill in the Parliament to prohibit all private cryptocurrencies in India, barring a few exceptions to “promote the underlying technology of cryptocurrency and its uses”. As of 11:15 PM on November 23, all major cryptocurrencies saw a fall of around 15 per cent or more, with Bitcoin down over 17 percent, Ethereum falling by close to 15 per cent, and Tether down by almost 18 per cent. The official document on scheduled house proceedings today showed that the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, is set to be introduced in the Parliament in the upcoming winter session that starts on November 29. The Bill will prohibit all private cryptocurrencies in India with certain exceptions and is expected to be taken up for final consideration and passing during the winter session. The government says that the Reserve Bank of India will issue its own digital currency. The objective is, “To create a facilitative framework for the creation of the official digital currency to be issued by the Reserve Bank of India.”

Security of investors’ money and misleading advertisements in the media regarding investment potential and risks have long been a cause of concern. The government has held several meetings with all stakeholders to discuss the regulation of digital currencies. Prime Minister Narendra Modi has also chaired a high-level meeting with officials from various ministries and RBI on the issue. The first-ever Standing Committee on Finance on digital currencies, chaired by BJP’s Jayant Sinha, to discuss “opportunities and challenges” of crypto finance on November 16 had reached a consensus that cryptocurrency can’t be stopped but must be regulated. While delivering a keynote address at the Sydney Dialogue on November 18, Prime Minister Narendra Modi had urged all countries to ensure that cryptocurrency does not “end up in the wrong hands”.The Reserve Bank of India (RBI) and Securities and Exchange Board of India (SEBI) have also voiced concerns about the unregulated growth of cryptocurrencies in India, keeping vulnerable retail investors in mind. El Salvador is the only country to recognise Cryptocurrency as a legal tender.

Cryptocurrency bill among 26 new legislations on government’s agenda

New Delhi [India] : A bill to prohibit all private cryptocurrencies in India and to create a facilitative framework for the creation of official digital currency to be issued by RBI is on the agenda of the government for the winter session of parliament.
The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021is among the 26 new bills on the agenda of the government for introduction and passage during the winter session which begins on November 29. The bill seeks “to create a facilitative framework for creation of the official digital currency to be issued by the Reserve Bank of India”.
The bill also seeks to prohibit all private cryptocurrencies in India but it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses.
Prime Minister Narendra Modi had earlier this month chaired a meeting on the way forward for cryptocurrency and related issues.
According to sources, the meeting strongly felt that attempts to mislead the youth through over-promising and non-transparent advertising be stopped.
It was also discussed that unregulated crypto markets cannot be allowed to become avenues for money laundering and terror financing.
The meeting was an outcome of a consultative process as RBI, Finance Ministry, Home Ministry had done an elaborate exercise on it as well as consulted experts from across the country and the world.
The new bills will be introduced in Parliament before being taken up for passage.
Apart from the 26 new bills, three bills referred to the standing committees, are also on the agenda of the government for consideration and passage.

Cryptocurrency can’t be stopped, must be regulated

New Delhi [India] : An understanding was visible that cryptocurrency can’t be stopped but it must be regulated in the meeting of the Parliamentary Standing Committee on Finance with industry associations and experts on the matter of crypto finance. There was a consensus that a regulatory mechanism should be put in place to regulate cryptocurrency. Industry associations and stakeholders were not clear as to who should be the regulator, sources said. Security of investors’ money was the most serious concern expressed by MPs at the meeting. An MP expressed concern over full-page crypto ads in national dailies. Experts said that cryptocurrencies are some sort of investors’ democracy, according to sources. “MPs (Members of Parliamentary Standing Committee on Finance) now want the government officials to appear before it and address their concerns,” said sources on the meeting of the committee with industry associations and experts on the matter of crypto finance. The parliamentary panel was chaired by BJP leader Jayant Sinha, discussed the pros and cons of crypto finance with various stakeholders, and several members were in favour of regulating crypto-currency exchanges rather than imposing an outright ban on crypto-currencies, according to sources. The meeting took place against the backdrop of rising concerns in various quarters about crypto-currencies and the possible risks emanating from trading in them, especially since there is a growing interest in such assets worldwide.

Currently, there are neither specific regulations nor an outright ban on use of crypto-currencies in the country. Representatives of crypto exchanges, Block chain and Crypto Assets Council (BACC), industry bodies as well as academicians and other stakeholders submitted their views before the panel, whose meeting also happened days after Prime Minister Narendra Modi held discussions with senior officials from various ministries and RBI on the issue of crypto-currencies. This is the first meeting on the subject that was convened by the Parliamentary Standing Committee on Finance. The panel is chaired by Sinha, who is also a former Minister of State for Finance. The broad view of the panel was that a Chinese wall should be put in place on crypto currencies’ fungiblity in the real world and its interface with the real world should be regulated, they added. Currency is a domain of the sovereign whereby its value is fixed in assured manner and crypto currency is a computer programme managed in distributed format on internet. Its value is only discovered by a buyer and user on an exchange which itself is illegal, they noted. One of the members even wondered how crypto currencies are going to be regulated when even regulating the internet remains difficult. Members also expressed concerns about the possibility of crypto currencies being used for financing terror activities. In the morning, panel Chairman Sinha said the meeting on crypto finance will discuss the opportunities and challenges this fast evolving industry presents to the regulators and policy makers. “We have called stakeholders from across the industry, including operators of major exchanges, members of CII as well as academics from the Indian Institute of Management (IIM) Ahmedabad, who have done a very thorough study on the crypto finance,” Sinha told PTI. Further, he said the panel has called representatives from the India Internet and Mobile Association of India, of which Blockchain and Crypto Assets Council (BACC), a specific body that deals with crypto finance players. “We will hear from them about their views on the right regulatory framework for this industry as it continues to develop and evolve,” he said. On March 4, 2020, the Supreme Court set aside an RBI circular of April 6, 2018, prohibiting banks and entities regulated by it from providing services in relation to virtual currencies. On February 5, 2021, the central bank instituted an internal panel to suggest a model for the central bank’s digital currency. The RBI had announced its intent to come out with an official digital currency amid proliferation of crypto currencies about which the central bank has concerns

Interactive Brokers introduces Crypto Trading for American financial advisors

Interactive Brokers has declared that enlisted monetary counsels from the U.S. can now utilize the stage to exchange cryptographic forms of money for their customers, as per an Oct. 18 public statement.

The rundown of accessible advanced resources incorporates Bitcoin, Ethereum, Litecoin and Bitcoin Cash.

One of the main web-based business organizations, which rivals any semblance of Fidelity and TD Ameritrade, empowered help for digital currency exchanging subsequent to joining forces with a blockchain framework firm named Paxos.

Steve Sanders, the organization’s chief VP of promoting and item advancement, recognized the developing significance of digital currencies in broadened portfolios:

Designating a little level of resources for digital currency as a component of a very much differentiated portfolio has consistently become more typical, and counsels might wish to prescribe cryptographic money to their customers.

As indicated by a review distributed this June, 49% of financial advisors said that they had received requests from customers about investing into cryptocurrencies.

However just 14% of them suggested that their clients broaden their portfolios with the assistance of digital assets.

Leading cryptocurrency money manager Grayscale has formally affirmed its arrangements to document an application with the U.S. Protections and Exchange Commission its request to change over its Bitcoin Trust into a spot Bitcoin trade exchanged asset.

In an extensive string, Jennifer Rosenthal, the company’s communications director, says that Grayscale will be prepared to ask the SEC for endorsement when there is a “reasonable” and “formal” sign from the controller.

Last week, CNBC broke the news, reffering to individuals acquainted with the matter.

Computerized Currency Group CEO Barry Silbert additionally began prodding the change preceding the authority declaration, asking his adherents to “stay tuned.”

Silbert was reproachful of endorsing a fates based ETF first. Market examiners guarantee that fates ETFs are excessively expensive and muddled.

Portions of Grayscale Bitcoin Trust are presently exchanging at a 15.5% markdown, with the dispatch of prospects ETFs further debilitating interest for the $38 billion asset.

In their exploration note distributed recently, Bloomberg Intelligence experts believed that the endorsement of prospects based ETFs would be the “most dire outcome imaginable” for Grayscale. The powerlessness to change over for a drawn out period, in the midst of possible contest from recently dispatched prospects based Bitcoin ETFs, could disintegrate interest for GBTC and augment its rebate.

These ETFs may not be best for those simply leaving on their crypto ventures. Fortunately, the ETF supplier will deal with the exchanging around those, however it actually might be more than the normal financial backer needs to wrestle with. In addition, retail-accommodating stages like Coinbase and even Venmo currently offer both instructive assets and smooth interfaces for first-time crypto financial backers. “Since Bitcoin itself is exceptionally fluid, I figure individual financial backers should stay with that when they initially begin exchanging,” said Matt Maley, boss market planner for Miller Tabak + Co. “Pass on the prospects to the modern institutional financial backer for the present.”

Cryptocurrency Prices Today: Bitcoin In Red; Ether, Dogecoin Retreat 5%

Cryptocurrency prices continue to be in the red on July 13. The global cryptocurrency market cap is $1.37 trillion, a 3.05 percent decrease over the last day, while the total crypto market volume over the last 24 hours is $62.75 billion, which makes an 18.86 percent increase.

The volume of all stable coins is now $47.54 billion – 75.76 percent of the total crypto market 24-hour volume. Bitcoin’s price is currently $34,150.06 and its dominance is currently 45.45 percent, an increase of 0.09 percent over the day.

This comes after trading volumes at major cryptocurrency exchanges fell by more than 40 percent in June, research showed on July 12, with a regulatory crackdown in China and lower volatility among the factors depressing activity.

Spot trading volumes fell 42.7 percent to $2.7 trillion, with derivative volumes down 40.7 percent to $3.2 trillion, London-based researcher CryptoCompare’s data showed.

“Headwinds continued as China persisted with its crackdown on bitcoin mining,” CryptoCompare said. “As a result of both lower prices and volatility, spot volumes decreased.”

On 13 July these are the prices of 10 largest cryptocurrencies :

S. NO.NAMEPRICE24H %7D %MARKET CAPVOLUME(24H)CIRCULATING SUPPLY
1Bitcoin BTC$33,198.58-2.77%-1.85%$622,444,887,613$24,261,989,741 731,031 BTC18,754,700 BTC
2Ethereum ETH$2,032.24-4.86%-8.52%$237,358,204,708$17,619,612,748 8,660,509 ETH116,667,885 ETH
3Tether USDT$1.000.00%-0.03%$62,226,485,903$41,146,965,524 41,133,037,623 USDT62,205,422,762 USDT
4Binance Coin BNB$315.72-2.76%4.11%$48,593,553,449$1,612,932,710 5,092,794 BNB153,432,897 BNB
5Cardano ADA$1.31-2.76%-7.75%$42,030,332,494$1,215,813,020 926,853,231 ADA32,041,069,499 ADA
6XRP XRP$0.63-1.48%-4.58%$29,083,434,758$1,894,279,430 3,007,289,925 XRP46,171,815,477 XRP
7Dogecoin DOGE$0.21-4.85%-12.00%$26,829,913,386$979,146,924 4,759,340,917 DOGE130,412,200,079 DOGE
8USD Coin USDC$1.00-0.01%-0.02%$26,304,571,409$1,883,392,328 1,882,541,993 USDC26,292,695,139 USDC
9Polkadot DOT$14.94-3.55%-2.63%$14,552,102,726$676,860,069 45,341,498 DOT974,816,175 DOT
10Uniswap UNI$19.39-6.87%-6.27%$11,422,559,012$351,211,915 18,057,530 UNI587,289,871 UNI

Cryptocurrency Price Today: Bitcoin Rises Over 2% As Trade Gains Momentum

The cryptocurrency market marginally rebounded during the weekend as the market cap of all popular virtual coins gained. The positive momentum continued on Monday, but prices could fall due to existing headwinds.

Bitcoin, the world’s most popular cryptocurrency, was trading 2.30 per cent higher at $34,277.64 at 1:35 pm. Its closest rival Ether also rose over 2.40 per cent at $2,143.63. All other popular altcoins like Cardano, XRP, Dogecoin, Stellar, Polkadot and Litecoin were trading higher than their price 24 hours ago.

Commenting on the cryptocurrency market, Edul Patel, CEO and Co-founder of Mudrex, a global algorithm based crypto trading platform, said, “The crypto markets are slowly yet steadily moving out of the weekend consolidation.”

“As the traded volumes increase, most of the top cryptos are rising higher over yesterday’s levels. Bitcoin has been able to hold its ground over the $34,000 mark. Ether looks good over $2100,” he added.

Cryptocurrency Prices Today: Bitcoin, Ether Trade-In The Red

Most cryptocurrencies were trading in the red, with bitcoin down 2 percent, early on July 9. The global cryptocurrency market is currently $1.35 trillion, a decline of 4.84 percent over the past 24 hours.

Bitcoin, the world’s largest cryptocurrency by market capitalization, is trading at over $32,700. The price of ether is down 9 percent, trading at over $2,000.

Payments company Square Inc on July 8 said it will make a hardware wallet for bitcoin.

“We have decided to build a hardware wallet and service to make bitcoin custody more mainstream…”, Jesse Dorogusker, head of hardware at Square said in a series of tweets.

The news comes amid US Senator Elizabeth Warren raised concerns about the risks posed to consumers and financial markets by the cryptocurrency market.

These are the prices of the 10 largest cryptocurrencies

NAMEPRICE24H %7D %MARKET CAPVOLUME(24H)CIRCULATING SUPPLY
Bitcoin$32,656.33-2.17%-1.89%$612,351,377,091$28,580,657,75118,751,381 BTC
Ethereum$2,075.11-9.14%-0.62%$241,990,437,486$22,792,773,455116,615,513 ETH
Tether$1.00-0.13%-0.05%$62,202,623,951$52,780,171,23162,206,822,762 USDT
Binance Coin$303.22-6.31%6.68%$46,595,360,812$1,785,619,613153,432,897 BNB
Cardano$1.30-6.55%-1.78%$41,632,340,345$1,629,069,26931,946,328,269 ADA
XRP$0.60-5.84%7.45%$27,803,603,646$2,286,228,68446,171,815,477 XRP
Dogecoin$0.20-8.41%-17.65%$25,949,106,294$1,776,892,861130,358,670,859 DOGE
USD Coin$1-0.10%-0.04%$25,937,500,136$2,266,561,95125,937,583,957 USDC
Polkadot$14.99-7.86%-0.52%$14,395,228,059$1,041,993,033958,942,630 DOT
Uniswap$19.95-8.49%13.08%$11,726,433,585$490,531,216587,275,853 UNI

Cryptocurrency Prices Today: Bitcoin Below $34,000; Ether, Dogecoin Also Fall

Bitcoin, the world’s most popular cryptocurrency fell over 4 per cent and was trading at $33,128 at around 12:15 pm. Its closest competitor Ether was down over 7 per cent in what seems to be a result of higher outflows.

All other cryptocurrencies were trading lower including Dogecoin, Cardano, XRP, Stellar, Uniswap, Chainlink, Polkadot and Litecoin.

Commenting on the brood-based fall, Edul Patel, CEO and Co-founder of Mudrex, a global algorithm-based crypto trading platform, said, “After the wonderful rally observed across the crypto spectrum in the past few days, we are curiously witnessing a profit booking session. Most of the major cryptos are down by around 5%.”

“Bitcoin investors are getting anxious as it is currently trading just above the $33,000 mark. Short sellers would be watching this closely as well. A drop below this level would likely see a huge number of short positions opening,” he added.

Patel went on to say that profit booking had a larger impact on some major altcoins. “Ether is down by approximately 6 per cent and Ethereum Classic tanked more than 7 per cent. The meme coins, Dogecoin and Shiba Inu, have taken quite a toll. Both these cryptos are down by approximately 8 per cent,” Patel said.

“Currently, Bitcoin and Ether are close to support levels and these levels would be closely tracked. In case these support levels are broken, we might see a further sell-off across the spectrum,” he said.

Here are the latest prices and trends of popular cryptocurrencies:

CryptocurrencyPrice (US Dollar)24-hour changeMarket cap (Billion)Volume (24 Hours)
Bitcoin33,129.88-4.65%$621.17$23.57 billion
Ether2,214.48-7.10%$258.21$22.01 billion
Dogecoin0.217647-7.23%$28.34$1.49 billion
Litecoin133.45-5.85%$9.08$343,967
XRP0.632249-5.61%$63.22$2.01 million
Cardano1.37-4.21%$44.11$2.04 million

Cryptocurrency Prices Today: Bitcoin, Ether Gain But Remain Under Pressure

Popular cryptocurrencies were under pressure on Wednesday as China continues its crackdown on virtual coin trade.

Bitcoin, the world’s most popular cryptocurrency, gained marginally by 0.06 percent at 11:20 am. Dogecoin was also struggling to gain momentum and fell nearly 2 percent. Ether gained over 2.80 percent and was trading at $2,383.58.

Valuations of other popular cryptocurrencies remained mixed as China’s central bank ordered the shutdown of a Beijing-based software maker over its suspected involvement in cryptocurrency trading.

Authorities ordered Beijing Qudao Cultural Development Co Ltd to suspend operations, and its website has been deactivated. The development was confirmed in a statement by the Beijing financial supervision administration and a department of the People’s Bank of China.

The statement said companies in Beijing should not provide venues, commercial displays or advertising for cryptocurrency-related businesses.

In another negative development, major cryptocurrency exchange Binance has suspended Euro bank deposits from one of Europe’s key payments networks. The development was reported by The Financial Times.

Binance said from 8 am universal coordinated time on Wednesday, customers would no longer be able to deposit funds through the Single Euro Payments Area, or Sepa schemes. It added that the move was due to “events beyond control”.

It may be noted that the major cryptocurrency exchange is currently facing scrutiny in a number of countries including the US, Britain and Thailand. The development has made investors nervous, but analysts indicate that it will not have any long-term impact.

While virtual coin prices have been gaining this week, there has been no significant upward movement due to the developments mentioned above. Moreover, the rise in the valuation of the US dollar has also weighed in on cryptocurrencies.

CryptocurrencyPrice (US Dollar)24-hour changeMarket cap (Billion)Volume (24 Hours)
Bitcoin34,805.040.23%$652.05$27.58 billion
Ether2,382.502.45%$277.77$26.64 billion
Dogecoin0.235244-1.80%$30.63$1.16 billion
Litecoin141.74-0.13%$9.64$2.38 billion
XRP0.670210-0.84%$67.01$2.45 million
Cardano1.43-1.05%$46.16$2.40 billion

Bitcoin Position As Ultimate Crypto In Danger For The First Time; Ethereum Surpass Bitcoin

Bitcoin has been the baton holder for the cryptocurrency market for a long time, but its position as the ultimate crypto is in danger for the first time. Ethereum has outpaced Bitcoin in the total number of transactions last week, for the first time. The crypto also saw more daily active addresses which is basically the active number of participants of Ether. The data indicate that more and more investors are moving towards Ethereum, and it may soon be able to close down the gap on Bitcoin.

The transaction data was confirmed by Santiment, a crypto analytics company, which tweeted that Ether (the official currency of the Ethereum network, and the second oldest major token that’s still around) created history, surpassing Bitcoin for the first time in daily active addresses.

Notably, Bitcoin is seen as an alternative to Gold while Ethereum is looked at as a supercomputer on which other cryptos can be based. Ethereum creators have already confirmed that they are also working on an energy-efficient successor to the crypto which may launch later this year.

The more interesting data here is that while the number of active addresses with Ether has gone up, there is a decline in the same for Bitcoin. This suggests that Bitcoin investors have started looking at other cryptocurrencies as long-term options.

Some reasons could include China’s crackdown on Bitcoin mining and environmental concerns raised around the crypto from multiple people, including Elon Musk who confirmed that his car-making company Tesla will not accept payments in Bitcoin until it comes more energy-efficient. However, neither Musk or Tesla have sold their Bitcoin holdings so far.

The crypto enthusiasts still believe that Bitcoin will bounce back from the current dip as it has in the past. The coin has been around for almost a decade now and has stood the test of time. However, this is the first time that it is being challenged by another crypto. It will also be interesting to see if Ethereum is able to maintain the momentum it has achieved in the past few days.

Elon Musk Brings New Cryptocurrency ‘Baby Doge’ To Spotlight; Its Price Doubles After One Tweet

You thought Dogecoin was a joke? Now, we have Baby Doge another meme cryptocurrency that has been brought under the spotlight by the Dogefather Elon Musk. The Tesla chief on Thursday tweeted about Dogecoin spinoff Baby Doge and the cryptocurrency’s value has almost doubled since then. Musk used the lyrics of viral Baby Shark song from last year and used it to refer to Baby Doge.

“Baby Doge, doo, doo, doo, doo, doo,” he tweeted, as a reference to the well-known kids’ song “Baby Shark.” The hashtag #babydoge trended on the site following the tweet. Baby Doge price rose by nearly 98 per cent following Musk’s tweet, even though he was bashed by a lot of crypto enthusiasts for the tweet.

A meme currency based on an already existing meme coin may not be the best investment option. It is likely to remain highly volatile and there is a chance that no one might be working on it.

“Baby Doge seeks to impress his father by showing his new improved transaction speeds & adorableness. He is Hyper-deflationary with an integrated smart staking system built in so more baby doge are being added to your wallet. Simply Love, pet, and watch your baby doge grow,” a description on CoinMarketCap reads.

Elon Musk has been a huge believer in cryptocurrencies. He has helped push the crypto market with his tweets about Bitcoin and Dogecoin. Both the coins were on an upward trajectory for the first half of 2021. These cryptocurrencies gave massive returns before multiple dips.

There have been instances when Musk’s tweets have also led to a dip in the value of various cryptocurrencies. His announcement on Tesla’s decision to not accept Bitcoin as payments, wasn’t received well and eventually led to a market dip in mid-May.

Dogecoin itself has been on a decline in recent times and has been a concern for investors. The meme cryptocurrency was created by software engineers Billy Markus and Jackson Palmer in 2013.

Cryptocurrency Price Daily Update: Bitcoin, Dogecoin Fall Over 1%, Ether Gains

The cryptocurrency market is witnessing a fresh wave of volatility on Thursday as prices of popular virtual coins remain mixed.

Bitcoin, the world’s most popular cryptocurrency, was trading below $35,000 after crossing the figure yesterday. At 11:15 am, the price of the virtual currency was down nearly 1.60 per cent. On the contrary, Bitcoin had gained 5 per cent on Wednesday to touch $36,000.

Popular meme cryptocurrency Dogecoin also fell nearly 1.45 per cent, extending its losses from yesterday. Dogecoin has been trading weaker this week after it rose sharply last Friday. The downward slide has raised concern among Dogecoin investors.

‘Meanwhile, Ether prices have finally registered a substantial gain after a long bout of weakness. The second-most popular cryptocurrency was up nearly 5 per cent at 11:20 am, crossing $2200 for the first time since last week.

Some other cryptocurrencies that saw an increase in valuation included XRP, Cardano, Polkadot and Stellar. Other cryptocurrencies were mostly trading in the red.

It may be noted that there has been no major leap in cryptocurrency values this week due to a rise in volatility. Following China, many other countries have flagged risks associated with virtual coin trade.

This could have an impact on the cryptocurrency market for a short period and individuals should assess the ongoing situation before making any investment decisions.

Here are the latest prices and trends of popular cryptocurrencies:

CryptocurrencyPrice (US Dollar)24-hour changeMarket cap (Billion)Volume (24 Hours)
Bitcoin34,391.70-2.04%$644.68$29.73 billion
Ether2,226.084.08%$259.36$28.23 billion
Dogecoin0.247279-2.17%$32.17$2.50 billion
Litecoin140.33-1.36%$9.54$2.48 million
XRP0.6845380.49%$68.45$2.52 million
Cardano1.360.88%$43.64$3.20 billion
Scroll to Top