Lagatar24 Desk
Mumbai, Nov.12: Following a good start to the week, Bitcoin’s value has dropped significantly, and it is now trading just above $65,000 (approximately Rs. 48.3 lakh) on worldwide exchanges, while the world’s most popular cryptocurrency is valued at $70,085 (about Rs. 52 lakh) on Indian platform CoinSwitch Kuber.
This is a 0.36 percent increase in the last 24 hours, which isn’t much. On Tuesday, the crypto asset reached a new all-time high of $68,525 (approximately Rs. 50.7 lakh), but it has since struggled to trade at levels higher than $66,000 (about Rs. 49.1 lakh) on worldwide exchanges, pushing resistance levels to fall below the $65,000 (roughly Rs. 48.3 lakh) mark.
Bitcoin may have had a rough week, but it hasn’t slowed Ether’s rise in the least. According to Gadgets 360’s cryptocurrency price tracker, the second-largest crypto asset by market capitalization hit a new all-time high of $4,840 (approximately Rs. 3.6 lakh) on Tuesday. On CoinMarketCap, Ether is currently trading at that price at $4,765 (about Rs. 3.5 lakh), up 2.99 percent from its 24-hour low. Meanwhile, CoinSwitch Kuber has it listed for $5,154. (roughly Rs. 3.8 lakh).
Dogecoin and Shiba Inu have also returned to the green, with Shiba Inu rising 4.44 percent and DOGE rising 1.05 percent to $0.26. (roughly Rs. 19.74).
The market was seeing its fair share of ups and downs at 11.15 a.m., with Litecoin leading the way with a 7.48 percent gain to $298. (roughly Rs. 22,151). Ripple was up as well, however Cardano, Tether, and Polkadot were all down. However, none of the coins experienced a significant drop.
Top crypto stakeholders have been invited to a summit in India, with representatives from CoinSwitch Kuber, CoinDCX, WazirX, and the Crypto Assets Council (BACC) among those likely to participate. The meeting, which is set to take place on November 15, will be hosted by the Parliamentary Standing Committee on Finance.
The meeting’s outcome is expected to have an impact on the cryptocurrency bill’s draught formulation, which will be presented to parliament later this year. By the end of 2021, the Reserve Bank of India (RBI) plans to create its own digital currency as a regulated “Central Bank Digital Currency (CBDC).”
The US Securities and Exchange Commission (SEC) has stopped registration for two new tokens — Ducat and Locke — created by the American CryptoFed DAO, a decentralised autonomous organisation (DAO). American CryptoFed DAO’s regulatory registration featured “materially false statements and omissions,” according to the watchdog.
