Lagatar24 Desk
Mumbai, Nov.22: Major cryptocurrencies are trading lower on Monday. Bitcoin, the world’s most valuable digital currency by market capitalization, had fallen below $57,500 and was trading at $ 56,950.50 at 10.42 a.m. on the crypto exchange CoinDesk.
This is a significant drop from the all-time high of $69,000 set on November 10. According to CoinDesk, Ethereum, another popular and second-largest cryptocurrency by market value, plummeted more than 4.15 percent to $4,183.14 at 9:53 a.m. (IST).
Shiba Inu plunged nearly 5% to 0.000044 at 9:55 a.m., after capturing the eye of investors with remarkable gains a few weeks ago.
Dogecoin, the meme cryptocurrency, fell over 5% to $0.235341 at 9 a.m., putting it in the red for the second day in a row.
However, at 10 a.m., Solana, which has recently acquired popularity, was up 2.88 percent to $219.18 on the exchange.
Over the previous 24 hours, several cryptocurrencies like as XRP, Litecoin, Stellar, Cardano, Polkadot, and Uniswap have been trading lower.
Meanwhile, President Nayib Bukele of El Salvador said on Sunday that his country will develop an oceanfront Bitcoin City at the foot of a volcano. In September of this year, El Salvador became the first government in the world to recognise Bitcoin as legal cash.
RBI Governor Shaktikanta Das had previously stated that the Reserve Bank had expressed its “serious and major worries” about cryptocurrencies to the government, adding that the Centre now must decide how to deal with the spread of such platforms.
Last week, Prime Minister Narendra Modi warned that cryptocurrencies should not fall into the “wrong hands” and “spoil our youth,” encouraging all democratic nations to band together to prevent such incidents. Rather than outright banning cryptocurrency, the government and the RBI have recently hinted at introducing a strong regulatory control to prevent money laundering and terror financing.
