Bitcoin is trading low despite the improvement in the overall crypto market, India’s spell is losing momentum

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Bitcoin has lost over 20 percent of its value in the past two days. The cryptocurrency is currently trading at $ 59,817 (approximately Rs 44.6 lakh) with a gain of 1.24 percent on the CoinSwitch Indian exchange. On the international exchange CoinMarketCap, the first cryptocurrency is valued at 58,000 USD (approximately 43 lakh). This current Bitcoin situation is in stark contrast to the situation a few days ago when the token rounded its all-time high of USD 68,327.99 (approx. 50.5 lakh). The crypto market collapsed earlier this week after India’s proposal to ban “private cryptocurrencies” was placed on Parliament’s agenda.

Ether managed to break free from the negative market ban earlier than Bitcoin. With a gain of 3.85 percent, Ether rose at $ 4,573 (approximately Rs 3.4 lakh) on Friday, November 26, according to crypto price tracker Gadgets 360. Earlier this month, Ether had also hit a new all-time high in trading at $ 4,811 (approximately Rs. 3.5 lakh).

The green color that dominates the crypto price chart today suggests that most of the popular cryptocurrencies, including Tether, Ripple, USDCoin, and Dogecoin, saw their trading values ​​spike.

On the other hand, some tokens like Cardano, Polkadot and Shiba Inu saw marginal drops.

India is preparing to bring the crypto issue to the parliamentary table in the coming days. The country is currently considering banning all “private cryptocurrencies” without going into the definition of the term.

The risks to which cryptocurrencies are exposed have also become a hot topic among enthusiasts. After the FBI recently warned of escalating crypto scams, the Shiba Inu team informed investors of a scam that was making the rounds on Telegram.

Elon Musk, CEO of Tesla, also endorsed an idea on Twitter urging investors to keep their crypto assets in private wallets instead of keeping them with centralized exchanges like Binance and Robinhood.

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 is not responsible for losses that may arise from an investment based on perceived recommendations, forecasts or other information contained in the article.

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