The crypto market price charts are set to red on Wednesday, November 24 following reports that the Indian government may block cryptocurrencies. With a decrease of 25.51 percent, the value of Bitcoin is currently reduced to $ 46,601 (approximately Rs. 34 lakh) in the Indian CoinSwitch Kuber exchange. At the international level, the oldest crypto in the world has managed to keep prices above $ 50,000 (approximately Rs. 37.2 lakh), where prices in India are generally higher than internationally. At CoinMarketCap, Bitcoin currently trades with a dipped value of $ 56,377 (approximately Rs. 42 lakh). This is the first time in recent times that Bitcoin prices have come a long way from everyone’s highs, which since November 9, was $ 68,327.99 (approximately Rs. 50.5 lakh).
Given the volatile market situation, Ether also registered a 20.83 percent decline in its trading value. Each Ether token currently costs $ 3,622 (Rs. 2.6 lakh) as a crypto-price tracker for Gadgets 360.
While two highly valued cryptocurrencies fell into this market, some altcoins were also unable to escape the negative impact.
From Tether, Cardano, and Ripple to Polkadot, USDCoin, Dogecoin, and Shiba Inu - all cryptocurrencies have lost significant amounts in recent hours.
Among the terrifying altcoins that managed to register a slow march, Doge Token and Floki Inu reached the stairs.
The crypto market has been left shaken by reports that Parliament's agenda includes a bill that seeks to prevent all private funds from operating in the country. The agenda also noted that the government wishes to bring official digital money to India. However, it should be noted that the same bill was included in the budget session, but was not discussed at that time.
“Creating a comprehensive digital digital finance framework to be issued by the State Bank of India. The Bill also seeks to curb all cryptocurrencies in India, however, allowing alternatives to promote the basics of cryptocurrency technology and its use, "the agenda reads.
In the next winter session of the Indian parliament starting on November 29, "Cryptocurrency and Regulation of Official Digital Currency Bill, 2021" will be introduced for consideration and approval.
Numerous studies conducted by research firms such as Statista, Hootsuite, and TripleA - India is home to more than 100 million crypto owners.
News of the government of Prime Minister Narendra Modi seeking to limit the crypto space has also caused controversy among Indian activists.
Among other hashtags, #WazirX, #CoinDCX, #BlackBill, and #CreptoBan trending on Twitter in India.
In September, China again imposed a full ban on all crypto-related activities.
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