Despite signs of recovery on Thursday morning, bitcoin prices have continued to fall. Bitcoin is presently selling at $60,879 (approximately Rs. 45.2 lakh) on Indian market CoinSwitch Kuber, while the most popular cryptocurrency is valued at $55,950 on worldwide platforms like CoinMarketCap (roughly Rs. 41.5 lakh). In terms of percentages, Bitcoin has dropped 7.55 percent in the last 24 hours, falling well below the $60,000 (approximately Rs. 44.7 lakh) threshold that it has been hanging around over the previous several days. This is also the cryptocurrency’s lowest price in over a month, a far cry from last week’s all-time high of $68,990 (approximately Rs. 51.18 lakh).
The troubles of Bitcoin appear to have spread to all other crypto assets, as the global crypto market capitalization fell by 5% overall. On CoinSwitch Kuber, Ether fell 6.84 percent in the last 24 hours to $4,406 (approximately Rs. 3.27 lakh), while worldwide exchanges saw an average decline of 5.28 percent to $4,042. (roughly Rs. 3 lakh). The Ethereum-based cryptocurrency has witnessed a more than 15% decline since its all-time high of $4,870 on November 10th, according to Gadgets 360’s cryptocurrency price tracker (roughly Rs. 3.61 lakh).
“BTC fell below $57,000 [approximately Rs. 42.3 lakh] in the crypto market’s most turbulent 24 hours. Ether, the largest altcoin, is approaching the $4000 [approximately Rs. 2.96 lakh] level. With the exception of stablecoins, all of the top 30 cryptos ended in the red. With the weekend approaching, the next 24 hours are expected to be turbulent “According to Edul Patel, CEO, and co-founder of Mudrex, an AI-driven crypto investing platform.
The 24-hour change tab on the crypto market tracker is dominated by red today, which isn’t a good picture. Big slips were seen in Cardano, Polygon, Ripple, Polkadot, and Tether.
Mid-week, meme currencies Dogecoin and Shiba Inu showed tiny signs of recovery, but large drops continued until Thursday. DOGE is presently trading at $0.23 (approximately Rs. 17.80), down 9.21% in the last 24 hours, while Shiba Inu is selling at $0.000042 (about Rs. 0.003149), down 11.95%.
During a keynote address on Thursday, Prime Minister Narendra Modi said that all democratic nations must work together to ensure that Bitcoin “does not wind up in the wrong hands, which may corrupt our youth.” PM Modi made his first public comments on cryptocurrencies after convening a high-level meeting with market participants last week to address problems connected to crypto regulation and hear concerns about the existing state of things in India’s uncontrolled crypto industry.
In the legislative session that begins this month, the administration hopes to present and approve a cryptocurrency law.
Closer to home, the Chinese government isn’t easing up on its crypto crackdown, with prominent cryptocurrency news outlets already appearing to be stopping operations. ChainNews and Odaily, two crypto news sources, have both gone unreachable in recent days, with neither publication providing an explanation. Instead, both publications have continued to operate via Twitter and Telegram, which are both blocked in China.