Minor Variations Maintain Calm in the Crypto Market; Bitcoin and Ether Experience Minimal Losses

Bitcoin began Wednesday with a modest loss of 0.90 percent as we enter the second week of December. According to the Indian market CoinSwitch Kuber, the world’s most valuable cryptocurrency is presently trading at $53, 619 (approximately Rs. 40 lakh). The world’s oldest cryptocurrency is now being sold for over $50,000 (around Rs. 38 lakh) per token on foreign platforms like as CoinMarketCap and Binance. While Bitcoin’s overall situation is steadily improving, its daily position in terms of gains and losses remains rather quiet. Bitcoin recently dropped from an all-time high of $68,327.99 (approximately Rs. 50.5 lakh) after news of India’s plans to prohibit cryptocurrencies surfaced on the internet.

Ether, like Bitcoin, started the day with a little loss of 0.14 percent. According to sources, the world’s second most valuable cryptocurrency is now selling at $4,612 (approximately Rs. 3.4 lakh). Despite market fluctuations, the price of Ether has stayed over $4,400. (roughly Rs. 3 lakh).

With slight modifications, Cardano, Ripple, Shiba Inu, and Polygon joined Bitcoin and Ether on the loss wagon.

Tether, USD Coin, Dogecoin, Litecoin, Uniswap, and Chainlink are among the cryptocurrencies that have seen advances.

“We could witness a range-bound movement across the cryptocurrency market in the coming days,” Edul Patel, CEO, and Co-founder of crypto investing business Mudrex told.

Crypto usage is gaining traction all across the world. According to recent research, the number of crypto users increased by 10 percent this year to 28.8 percent, up from 18.4 percent last year.

Currently, countries such as India are resisting the use of cryptocurrencies. India’s finance ministry has prepared a crypto law that will prohibit the use of private cryptocurrency. In addition, the new legislation intends to make people who break the law susceptible to being arrested without a warrant, imprisoned without bail, and subject to severe fines.

After receiving Cabinet approval, the bill will be presented to the Indian parliament.

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