According to Coinswitch Kuber, Bitcoin is currently trading at $ 60,879 (approximately Rs. 45.2 lakhs) in the domestic market.
Bitcoin, one of the main attractions of the crypto world, has been depreciating for some time now. Although there was a possibility of a slight improvement in trade prices by Thursday, the currency was no exception to the current trend.
The Indian cryptocurrency exchange Coinswitch Kuber estimates that it is currently trading at $ 60,879 (approximately Rs. 45.2 lakhs) in the domestic market, maintaining a downward trend in market prices. Coinmarket Cap, on the other hand, estimates that its current trade value in the international market is $ 55,950 (approximately Rs. 41.5 lakhs). In the last 24 hours, the market price of the currency has dropped by 7.55% and crossed the $ 60,000 threshold (about Rs 44.7 lakh), which is still the lowest as of this month. Incidentally, the market price of Bitcoin reached a record high of $ 68,990 (approximately Rs. 51.18 lakh) in the previous week, breaking all records. In just one week, the situation has taken a completely opposite turn.
This sudden decline in the country's oldest digital currency has fueled the decline in trade prices of almost all currencies. A 5% drop in cryptocurrency capital indicates at least that. According to Coinswitch Kuber, the price of Ether, the world's second most valuable currency, has fallen by 6.84% in the last 24 hours to $ 4,046 (approximately Rs 3 lakh). According to sources, the trade price of Ethereum-based cryptocurrency has dropped by more than 15% compared to the November 10 record high of $ 4,870 (approximately Rs 3.61 lakh).
Edul Patel, co-founder and co-founder of Mudrex, an AI-based crypto investment medium, said that in the last 24 hours, the crypto world has witnessed extreme ups and downs. The value of Bitcoin has dropped to around $ 57,000 (about Rs 42.3 lakh). The market value of ether has also come down to around $ 4,000 (about Rs 2.96 lakh). In addition, significant declines have been observed in almost every of the 30 major cryptocurrencies. At the end of the week, the crypto market is likely to be equally volatile in the next 24 hours.
Dogecoin and Shiba Inu, although slightly improved in the middle of the week, fell again yesterday. Dodgecoin is currently trading at $ 0.23 (around Rs 17.80) down 9.21%. On the other hand, after falling 11.95 percent, Shiva Inu is currently trading at $ 0.000042 (around Rs. 0.003149). Altcoins such as Kardano, Ripple, Polka-dot and Polygon have also been included in the price list.
Recently, Prime Minister Narendra Modi sent a message to all democracies around the world to unite on the use of crypto from the platform of the Sydney Dialogue. He also warned that the digital currency would jeopardize the country's youth and economic stability if misplaced. A few days ago, the Prime Minister opened his mouth for the first time about the future of crypto in the country at a meeting with high level government officials.
The center has been working on crypto for a long time. According to sources, there is a plan to introduce a bill on crypto in the upcoming budget session.
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