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Cryptocurrencies extended their negative trading past the weekend and traded lower on Monday. Bitcoin, the number 1 cryptocurrency, fell more than 7% and was trading at Rs 25,80,029 after rising to Rs 27,786,966 as the day’s high. The overall crypto market was down 8.52% as of 12:30 p.m. on Monday, data from CoinSwitch Kuber showed. Meanwhile, other prominent and famous cryptocurrencies, including Ethereum, Polka Dot, Dogecoin, and Shiba Inu, have also failed to meet investors’ expectations.
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Ethereum, Polka Dot, Dogecoin fell 8.43%, 10.33% and 9.09% respectively on Monday.
Ranked 3rd in the world rankings, Tether traded slightly in the green at Rs 78.6421, up 0.07%.
Meme Coin Shiba Inu was trading for Rs 0.000578, down 2.20%.
Meanwhile, in cryptocurrency news last week, Space X and Tesla CEO Elon Musk woke up to a “pleasant” surprise on June 20. increase the price of cryptocurrency.
Happy Father’s Day, Dogefather pic.twitter.com/Zwp4XENdId
Shibetoshi Nakamoto (@ BillyM2k) June 20, 2021
In another cryptocurrency-related news, Fred Ehrsam, co-founder of cryptocurrency exchange Coinbase, said that 90% of NFTs (non-fungible tokens) will have no value during the three to five next few years, Bloomberg reported.
Happy Father’s Day to the Dogefather pic.twitter.com/EmtrKGC660
The President (@WSBChairman) June 20, 2021
Ehrsam, however, was bullish on the Dogecoin crypto meme and said that the coin backed by Elon Musk should be rejected, “If crypto has taught us anything, it’s never to reject a good meme that doesn’t. could not manifest itself later in more concrete progress, “he said. Bloomberg.
In India, RBI continues to maintain reservations on cryptocurrency trading. RBI Governor Shaktikanta Das said the Reserve Bank’s view on cryptocurrencies like Bitcoin remains unchanged and that he continues to have major concerns over volatile instruments. There is no change in the position of the RBI (on cryptocurrencies). Our circular clarifies the position very well, the RBI governor said earlier.
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