Bitcoin trades weakly despite improving overall crypto market, India ban loses steam

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Bitcoin has lost more than 20% in value over the past two days. The cryptocurrency is currently trading at $ 59,817 (around Rs. 44.6 lakh) with a 1.24% gain on Indian exchange CoinSwitch. On the international exchange CoinMarketCap, the first cryptocurrency is valued at $ 58,000 (around Rs. 43 lakh). This current Bitcoin situation contrasts sharply with what it was a few days ago when the token was hovering around its all-time high of $ 68,327.99 (around Rs. 50.5 lakh). The crypto market collapsed earlier this week after India’s proposal to ban “private cryptocurrencies” was put on Parliament’s agenda.

Ether managed to break free from the negative market period earlier than Bitcoin. With a gain of 3.85%, Ether entered trading on Friday, November 26 at $ 4,573 (around Rs. 3.4 lakh), according to crypto price tracker Gadgets 360. Earlier this month, Ether had also set a new all-time high for trading at $ 4,811 (around Rs. 3.5 lakh).

The green color that dominates the crypto price chart today indicates that the majority of popular cryptocurrencies including Tether, Ripple, USDCoin, and Dogecoin have seen increases in their trade values.

On the other hand, some tokens like Cardano, Polkadot and Shiba Inu registered marginal declines.

India is preparing to bring the subject of cryptography to the parliamentary table in the coming days. For now, the country is considering banning all “private cryptocurrencies” without specifying the definition of the term.

Also, the risks that cryptocurrencies are likely to have become a matter of contention among enthusiasts. Recently, after the FBI warned people about the increase in crypto scams, the Shiba Inu team informed investors of a tricked-out scam circling Telegram.

Tesla CEO Elon Musk also backed an idea on Twitter that prompts investors to keep their crypto assets in private wallets rather than keeping their custody at centralized exchanges like Binance and Robinhood.

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting Founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

Cryptocurrency is unregulated digital currency, not legal tender and subject to market risk. The information provided in the article is not intended to be and does not constitute financial advice, business advice or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV will not be liable for any loss resulting from any investment based on a perceived recommendation, forecast or any other information contained in the article.

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