The majority of cryptocurrencies, including Bitcoin and Ether, are losing value. Cryptocurrency Prices Fall Ahead of the Weekend

The crypto market experienced a general slowdown as the month of December came to a close. According to the Indian exchange CoinSwitch Kuber, the value of Bitcoin fell by 1%, bringing the token trading value to $52,118 (approximately Rs. 39 lakh). The world’s oldest cryptocurrency is now selling for over $48,348 (around Rs. 36.6 lakh) per token on international markets like as Binance and CoinMarketCap. Following in the footsteps of Bitcoin, the world’s second most valuable cryptocurrency by market capitalization, Ether and other cryptocurrencies suffered losses.

On Friday, December 10, Ether started trading at $4,479 (approximately Rs. 3.3 lakh), down 3.41 percent. Ether prices stayed over $4,300 during the week, despite minor swings in value (roughly Rs. 3.2 lakh).

Cardano, Polkadot, Dogecoin, Shiba Inu, and Polygon all saw their trading prices dip, according to the Gadgets 360 crypto price tracker. Even if the price fluctuations in these cryptocurrencies were little, they helped to paint the crypto chart red.

Tether, USD Coin, and Ripple emerged as gainers ahead of the weekend, despite an otherwise bleak day.

Indian cabinet to discuss Crypto Bill

“Across the bitcoin spectrum, we witnessed some profit booking. With trading volumes declining ahead of the weekend, the next 24 hours are expected to be range-bound. “Key levels to watch out for in Bitcoin are $46,000 (approximately Rs. 35 lakh) and $4000 (about Rs. 3 lakh),” said Edul Patel, CEO, and Co-founder of crypto investing business Mudrex.

The bitcoin market is now rife with conflicting opinions from all around the world.

While Colombian banks will be able to trade Bitcoin and other altcoins, Thailand’s financial authority has recommended banks avoid direct involvement in the crypto market.

Meanwhile, India continues to press for the disclosure of its stance on cryptocurrencies. Legalizing cryptocurrencies, according to former Reserve Bank of India governor Duvvuri Subbarao, might remove the central bank of its authority over the money supply and inflation management.

The Indian finance ministry’s crypto bill is still awaiting cabinet clearance before it can be introduced in parliament.

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