Bitcoin Price | Crypto ban: Dogecoin and Bitcoin crash up to 20% on domestic exchanges as India prepares to ban cryptocurrencies

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NEW DELHI: Cryptocurrency counters on Indian exchanges fell sharply after reports indicated the government would introduce a bill that would ban most private tokens.

In terms of rupees, Bitcoin fell by 17%, Ethereum by 14%, Dogecoin by more than 20% and Polkadot by 14%. Even the dollar-linked Tether token fell almost 17%, data available on WazirX showed.

“We are awaiting more details on the bill that will be presented during the winter session of Parliament. The government has taken many positive steps to learn and understand crypto and its impact on all stakeholders – investors, exchanges, policymakers. We therefore look forward to a crypto bill that takes into account all the contributions of these discussions, ”said Avinash Shekhar, co-CEO of ZebPay.

Earlier, a government bulletin said that the Cryptocurrency and Official Digital Currency Regulation Bill, 2021 seeks to ban all private cryptocurrencies in India. However, it allows certain exceptions to promote the underlying technology of the cryptocurrency and its uses.

“This is a great moment for India. From a banking ban in 2018 to the registration of the bill on cryptocurrency and the regulation of official digital currency, 2021 during the winter session of Parliament. Our nation has come a long way in these 3 years! It says a lot about India’s determination to dominate the Web 3.0 era, ”said hopeful Nischal Shetty, founder of WazirX.

Prices were relatively stable on the international market. According to CoinMarketCap, Bitcoin and XRP fell 1% each and Cardano fell 7% in dollars. Other tokens like Binance Coin, Ethereum, and Polkadot traded with gains.

The global crypto market cap fell 0.36% to $ 2.56 trillion from last day. However, the total crypto market volume increased by around 9% to reach $ 126.32 billion.

ZebPay Trade Desk Polygon (MATIC) technical view has seen an impressive rally in the past 24 hours, up 8%, and is currently trading at $ 1.70. The asset has a market cap of $ 12 billion and is ranked 20. In a new announcement, Binance listed PlayDapp (PLA), a blockchain gaming platform that relies on and uses both the Ethereum and Polygon networks. to host a growing list of interoperable games. , and this is probably the cause of the MATIC bullish trend.

Matic agencies followed a downtrend last month and prices fell almost 35% from their recent high of $ 2.2 and hit a low of $ 1.443. However, the asset has gained support at the crucial $ 1.48 level (61.8% of the Fibonacci retracement level) and is showing signs of a recovery. Matic has a strong resistance zone of $ 1.74 to $ 1.78, once the breakout occurs above these levels with good volumes we can expect a strong rally and the asset may climb up to the $ 2 mark. Agencies (The opinions and recommendations given in this section are those of the analysts and do not represent those of ETMarkets.com. Please consult your financial advisor before taking any position in the asset (s) mentioned.)

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