Nosedive in crypto market amid reports of Indian government ban

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The price charts of the crypto market were bathed in red on Wednesday November 24th after reports the Indian government might ban the cryptocurrency. With a decline of 25.51 percent, the value of Bitcoin is currently reduced to $ 46,601 (about 34 lakh) on the CoinSwitch Kuber Indian exchange. Internationally, the world’s oldest cryptocurrency has managed to hold values ​​above USD 50,000 (roughly Rs 37.2 lakh), with Indian prices usually higher than global ones. Bitcoin is currently trading on CoinMarketCap at a depreciated value of $ 56,377 (approximately Rs 42 lakh). This is the first time in recent times that Bitcoin prices have moved this further from their all-time high, which stood at $ 68,327.99 (roughly 50.5 lakh) on November 9th.

Given the tense market sentiment, Ether also saw its trading value fall by 20.83 percent. Each Ether token is currently priced at $ 3,622 (Rs. 2.6 lakh) according to Gadgets 360’s crypto price tracker.

While the two most valuable cryptocurrencies fell face down during this market slump, other altcoins could not escape the negative effects either.

From Tether, Cardano and Ripple to Polkadot, USDCoin, Dogecoin and Shiba Inu – all major cryptocurrencies have lost a lot of their value in the past few hours.

Among the terrifying altcoins that have managed to see minimal migration, Doge Token and Floki Inu have made it to the stalls.

The crypto market has been rocked by reports that Parliament’s agenda includes a bill banning the operation of all private cryptocurrencies in the country. Also on the agenda was that the government would like to introduce an official digital currency for India. It should be noted, however, that this same draft law was also listed for the budget meeting, but was not discussed at the time.

“To provide a facilitating framework for the creation of the official digital currency issued by the Reserve Bank of India. The bill also aims to ban all private cryptocurrencies in India, but allows certain exemptions to promote the underlying technology of the cryptocurrency and its uses, ”the agenda reads.

“The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021” will be presented for review and approval at the upcoming winter session of the Indian Parliament, which begins on November 29th.

Multiple studies from research companies like Statista, Hootsuite and TripleA – India is home to over 100 million crypto holders.

The news that Prime Minister Narendra Modi’s government is trying to restrict crypto space has also made waves among Indian enthusiasts.

Other hashtags are #WazirX, #CoinDCX, #BlackBill and #CryptoBan on Twitter in India.

In September, China also imposed a blanket ban on all crypto-related activities.

#BlackBill trending in India to oppose government decision to propose “Bank Law Amendment Act” to privatize 2 public banks at winter session.

Does the government all need to know why they want to sell profitable banks? Debate about it, bring a white paper to justify your decision. pic.twitter.com/Hqezy5fPVN

– Newton Bank Kumar (@idesibanda) November 24, 2021 Interested in cryptocurrency? We discuss everything about crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music, and anywhere you get your podcasts.

Cryptocurrency is an unregulated digital currency, not legal tender and is subject to market risks. The information provided in this article is not intended as financial advice, trading advice, or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV shall not be liable for any losses that may arise from an investment based on perceived recommendations, forecasts or other information contained in the article.

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