Why are cryptocurrency prices falling today? Here’s why the crypto market is down

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Major cryptocurrencies fell sharply on November 16. Bitcoin fell at one point to $ 58,703. However, it later recovered and was trading at around $ 60,066. Ether also saw a downturn and was trading 7.88% with a discount ($ 4,340) from its price 24 hours ago.

Dogecoin and Shiba Inu were also lower and were trading 5.66% and 4.75% lower respectively. The value of Cardano and XRP also fell. Binance Coin also fell to $ 607.23, down 7.23%. Meanwhile, in contrast, Tether has risen 0.09% to $ 1 in the past 24 hours.

Why are cryptocurrency prices falling today?

According to market experts, the drop in crypto prices was due to the massive reservation of profits. The cryptocurrency market is expected to remain volatile for a day or two. It could also be due to China’s crackdown on mining. Beijing’s main economic regulator, the National Development and Reform Commission (NDRC), has said it will step up regulations on digital currency mining to save energy and reduce carbon emissions.

NDRC spokesperson Meng Wei said the risks of producing and trading cryptos are becoming significant and this has adverse effects on economic and social development, emission reduction and conservation of the energy.

“Not all private crypto-currencies are considered to be legal tender”

In a letter to the head of VHP, Union (Currency) Deputy Director Sanju Yadav said that not all private cryptos were still considered legal tender in India, but the Center could offer a digital coin. official.

The letter reads as follows: “The interministerial committee (CMI) set up under the chairmanship of the secretariat for economic affairs to study questions related to virtual currencies (VC) and to propose specifications to be taken in this matter recommended in its report that all private cryptocurrencies, with the exception of any state-issued cryptocurrency, be banned in India. In addition, the committee felt that it would be desirable to have an open mind regarding the introduction of “an official digital currency in India. The government would make a decision on the recommendation of the IMC and the legislative proposal, if any, would be presented to parliament at the end of the process.”

Image: Unsplash, representative

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