The crypto market has been watching the CEOs of six key crypto businesses give their views on regulation with the US House Financial Services Committee, and Bitcoin has not had the finest 24 hours. Bitcoin’s price has dropped 12.7 percent in the last week, and it’s now trading at $52,871 (approximately Rs. 39.92 lakh) on the Indian market CoinSwitch Kuber, down 1.19 percent in the last 24 hours. Meanwhile, the world’s most popular cryptocurrency, Bitcoin, fell 0.78 percent to $49,869 on global platforms like CoinMarketCap (roughly Rs. 37.65 lakh).
While Bitcoin’s dominance in the crypto market continues to erode, most of the main altcoins are seeing a change in attention.
In comparison to Bitcoin, Ether’s value has increased by 1.25 percent in the last 24 hours, and the world’s second most popular cryptocurrency has recovered significantly better from the Black Friday drop. Ether was priced at $4,663 (approximately Rs. 3.52 lakh) on CoinSwitch Kuber at the time of publication, while the second-largest crypto by market cap was valued at $4,392 (about Rs. 3.31 lakh) on worldwide exchanges, up 1.65 percent in the last 24 hours.
Even while the market appears to be trading pretty flat overall as we move into the second half of the week, Gadgets 360’s cryptocurrency price tracker indicates that some of the other major altcoins have managed to glimpse green over the previous 24 hours.
Tether, Polkadot, and Stellar are among the coins whose value has dropped somewhat, while Polygon, Cardano, and Ripple are among the top gainers on the day.
Shifting our attention to meme currencies, Dogecoin has lost 0.49 percent of its value in the last 24 hours, and is now worth $0.19 (approximately Rs. 14.29), while Shiba Inu has lost 1.3 percent of its value, and is now worth $0.000037. (roughly Rs. 0.002759). While SHIB’s price hasn’t quickly risen to green in the last month, the cryptocurrency has already surpassed 1 million users, a goal only a handful of prominent altcoins have managed to achieve.
As more banks continue to offer crypto investments in some form or another, Thailand’s central bank, the Bank of Thailand (BoT), has stated that commercial banks should not be actively involved in crypto trading.
Banks are accessible for consumers to deposit and preserve their money, according to Chayawadee Chai-anant, senior director of the BoT, but with cryptocurrencies, the constantly shifting market movement exposes investors to financial hazards. Because cryptocurrencies are uncontrolled and decentralized forms of online payment, they are frequently chastised by central banks throughout the world for posing a threat to their governments.
Meanwhile, as the popularity of digital currencies accelerates, Visa, the world’s biggest payment processor, has created a worldwide crypto advising service for clients such as banks and merchants.
Visa’s move comes amid record investor demand for cryptocurrency services, and the company’s latest offering is aimed at financial institutions looking to attract or retain customers with a crypto offering, retailers interested in non-fungible tokens (NFTs), and central banks looking into digital currencies.