Lagatar24 Desk
Mumbai, Dec. 29: As time gets closer to the end of 2021, the crypto market has been sending out confusing signals. Bitcoin, for example, lost 2.03 percent of its value on Wednesday, December 29.
Each Bitcoin crypto currency is currently trading at $51,794 on the Indian exchange CoinSwitch Kuber (roughly Rs. 38.6 lakh). Bitcoin prices in India had been hovering around $53,000 (approximately Rs. 39.5 lakh) for the past few days, a value that has definitely dropped. Bitcoin is currently trading for $50,212 (approximately Rs. 37.5 lakh) on overseas markets such as Binance and CoinMarketCap.
Ether, like Bitcoin, has been on a downward trend, losing 2.32 percent. According to Gadgets 360’s crypto price tracker, each Ether token is currently worth $4,108 (approximately Rs. 3,07,000). Because of the year-end market action, Ether values have dropped below $4,200 (approximately Rs. 3,13,666) for the first time in days.
A majority of notable cryptocurrencies, including Cardano, Ripple, Polkadot, Dogecoin, and Shiba Inu, entered the third last day of 2021 with losses.
Only a few cryptocurrencies, such as Tether, USD Coin, Polygon, and Uniswap, were able to gain ground despite minor price fluctuations.
Around the end of the year, the global crypto market encountered a snag. According to CoinMarketCap, the overall market capitalization has dropped by 7% in the last 24 hours, to $2.25 trillion (approximately Rs. 1,68,42,950 crore).
Meanwhile, the cryptocurrency market in India continues to grow in popularity. According to a recent survey by CoinSwitch Kuber, the majority of its expanding user base of over 14 million Indians are young, with 15% being women.
As the cryptoculture spreads around the world, numerous countries are taking steps to tighten the noose around crypto-related cybercrime.
The UAE has established new regulations for crypto scammers that include up to five years in prison and a fine of up to AED 1 million (approximately Rs. 2 crore).
