Bitcoin has fought back against the dip that occurred last Friday when news of a new coronavirus type prompted investors to liquidate their crypto holdings. Bitcoin is currently selling at $59,271 (approximately Rs. 44.46 lakh) on the Indian exchange CoinSwitch Kuber, up 0.57 percent following a solid day of trading on Tuesday, although closing 1.97 percent lower than its opening price.
The world’s most popular cryptocurrency is valued at $57,136 (approximately Rs. 42.86 lakh) on global platforms like CoinMarketCap, where its value has dropped by 0.49 percent in the last 24 hours. The fact that BTC is inching closer to $60,000 (approximately Rs. 44.99) after a mostly negative previous two weeks is a major measure that would make bulls happy.
While Bitcoin prices haven’t changed much in the last 24 hours, Ether has continued to rise, up 6.73 percent in that time. On CoinSwitch Kuber, the world’s second-most popular cryptocurrency is presently priced at $4,888.6 (approximately Rs. 3.67 lakh), while on worldwide exchanges, it is valued at $4,704.78 (about Rs. 3.53 lakh), up 5.24 percent in the last 24 hours. The Ethereum-based coin has rebounded significantly from its black Friday low, according to Gadgets 360’s cryptocurrency price tracker, and is closing in on a new all-time high.
When Bitcoin sneezes, it’s said that all the other popular coins acquire a cold, and this has definitely been the case for the majority of the other popular coins.
Tether, Chainlink, Ripple, Polkadot, Polygon, and Litecoin have all seen their prices jump in the last 24 hours, but not to the same extent as on Monday. Meanwhile, Cardano, the lone cryptocurrency that has experienced a modest loss in value, has dropped 0.74 percent to $1.63. (roughly Rs. 122.49).
Coins for memes Both Dogecoin and Shiba Inu have maintained their upward momentum, while the latter has been advancing at a faster pace. Shiba Inu is presently priced at $0.000048 (approximately Rs. 0.003589), up by 8.08 percent over the last 24 hours. Dogecoin is currently trading at $0.23 (about Rs. 16.92), up by 0.18 percent. According to CoinGecko, SHIB’s value has increased 14.4% in the last week due to its recent push.
Meanwhile, with regards to the country’s upcoming crypto bill, the administration has announced that it plans to introduce a new Bill on cryptocurrencies after it has been approved by the Union Cabinet.
As part of the government business likely to be taken up during the present winter session, the Cryptocurrency and Regulation of Official Digital Currency Bill has been listed in the Lok Sabha Bulletin-Part II.
For the current winter session of Parliament, the Bill aims to provide a facilitating framework for the formation of the official digital currency to be issued by the Reserve Bank of India (RBI). It also aims to outlaw all private cryptocurrencies in India, with few exceptions to encourage cryptocurrency’s underlying technology and applications.
On Monday, Finance Minister Nirmala Sitharaman informed the Lok Sabha that the government had no plans to recognize Bitcoin as a currency. She also assured the House of Representatives that the government does not gather information on Bitcoin transactions.