Indian government could recognize crypto as an asset, Bitcoin falls

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Indian government could recognize crypto as an asset, not a currency and is considering regulating private cryptocurrency rather than banning it, according to cabinet note on cryptocurrency bill, report says from NDTV. The note adds that crypto will not be recognized as legal tender in India.

The global crypto market cap is $ 2.60 trillion, with a decline of 0.42% in the past 24 hours, and the total crypto market volume is $ 115.16 billion with a down 6.02% in the past 24 hours, according to coinmarketcap.com, a global crypto exchange.

The price of Bitcoin (BTC), the leading cryptocurrency by market cap, has fallen 1.18% in the past 24 hours and was trading at $ 56,369.39 as of 8 a.m. Bitcoin prices have fallen 3.62% in the past seven days and the coin’s dominance in the crypto market is 41.03% with a decline of 0.15% in the past 24 hours.

“Right now, it seems the market is oversaturated with leverage. High leverage implies that Bitcoin futures traders holding long positions could be vulnerable to liquidations if the value of Bitcoin continues to decline, ”said Gaurav Dahake, CEO and founder of Bitbns, a crypto exchange.

Ethereum (ETH), the second largest cryptocurrency by market value, has lost 1.97% in the past 24 hours and was trading at $ 4,492.97 as of 8 a.m., according to coinmarketcap.com.

Binance Coin (BNB) price fell over 1.97% in the past 24 hours and was trading at $ 611.61. Tether (USDT), the fourth on the list by market cap, was trading at $ 1, down 0.02%. Solana (SOL) rose 0.80% in the past 24 hours and was at number five in the coinmarketcap.com listing; it was trading at a price of $ 229.25.

The biggest winner and loser

Prince Floki V2 (PrinceFloki) became the biggest winner in the past 24 hours, registering a 928.99% increase; it was trading at $ 0.00000009853 by 8 a.m. On the other hand, RPS LEAGUE (RPS) posted a maximum loss over the past 24 hours, falling 99.47% and was trading at $ 0.02999.

Meme Coins

Top coins by market value such as Dogecoin, Shiba Inu, Dogelon Mars (ELON), and Samoyedcoin (SAMO) have continued to decline over the past 24 hours, according to coinmarketcap.com.

Top meme coin by Dogecoin market value has fallen 0.29% in the past 24 hours and traded at $ 0.207, while Shiba Inu has seen a 2.73% decline in the past 24 hours and over. was trading at $ 0.00004155 at 9 a.m.

Dogelon Mars (ELON) fell 3.09% in the last 24 hours and traded at 0.000001503, while Samoyedcoin (SAMO) traded at $ 0.06311 and was down 13.44 % in the last 24 hours, according to coinmarketcap.com.

Last update

In a cabinet note, the Indian government said crypto exchanges would deal with crypto assets, but would be regulated by the Securities and Exchange Board of India (Sebi), according to an NDTV report.

“This is a very positive development. Once cabinet approves the note, the Cryptocurrency and Official Digital Currency Regulation Bill, 2021 can be tabled in Parliament. a prudent measure to recognize crypto as an asset and not as legal tender. Once the bill is tabled in Parliament, the articles and sub-articles can be discussed. Given the complexity involved, achieving a consensus will be a daunting task for both treasuries as well as the opposition benches. The bill is likely to be referred to the standing committee of parliament, “said Sharat Chandra, a blockchain and emerging technology evangelist.

The Virtual Currency (CBDC) offered by the Reserve Bank of India (RBI) has not been included in the new crypto law. The central bank, on the other hand, will regulate issues related to cryptocurrency, the cabinet note added, according to NDTV.

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