Cryptocurrency market plummets amid reports of ban by Indian Government
Lagatar24 Desk
Mumbai, Nov.24: Following concerns that the Indian government may ban bitcoin, the crypto market price charts were bathed in red on Wednesday, November 24.
On a worldwide scale, the world’s oldest cryptocurrency has managed to keep its value around $50,000 (approximately Rs. 37.2 lakh), despite the fact that Indian prices are often higher than global pricing. Bitcoin is currently trading at a low value of $56,611.70 on CoinMarketCap (roughly Rs. 42 lakh).
This is the first time in recent memory that Bitcoin prices have fallen so far from their all-time high of $68,327.99 on November 9. (roughly Rs. 50.5 lakh).
Ether’s trading value fell by 20.83 percent as a result of the tense market environment. Each Ether token is currently worth $3,622 (about Rs. 2.6 lakh).
While the two most valuable cryptocurrencies, bitcoin and ethereum, took a beating in the market, other altcoins were not spared.
All major cryptocurrencies have lost significant value in recent hours, from Tether, Cardano, and Ripple to Polkadot, USDCoin, Dogecoin, and Shiba Inu.
Doge Token and Floki Inu made it to the stands among the fearful altcoins that managed to register small gains.
Reports that a bill on the Parliament’s agenda seeks to ban all private cryptocurrencies from operating in the country have rattled the crypto sector. The government also wants to introduce an official digital currency for India, according to the agenda. It should be noted, however, that this item was also scheduled for the budget session, but it was never considered.
“To create a facilitative framework for creation of the official digital currency to be issued by the Reserve Bank of India. The Bill also seeks to prohibit all private cryptocurrencies in India, however it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses,” the agenda reads.
The “Cryptocurrency and Regulation of Official Digital Currency Bill, 2021” will be tabled for consideration and passage during the forthcoming winter session of the Indian parliament, which begins on November 29.
According to multiple surveys by research businesses such as Statista, Hootsuite, and TripleA, India has over 100 million cryptocurrency users.
The notion that Prime Minister Narendra Modi’s government is considering limiting the crypto space has caused consternation among Indian crypto aficionados.
Among other hashtags, #WazirX, #CoinDCX, #BlackBill, and #CryptoBan are trending on Twitter in India.
In September, China had also imposed a blanket ban on all crypto-related activities.
