Despite signs of recovery on Thursday morning, bitcoin prices have continued to fall. Bitcoin is presently trading at $60,879 (approximately Rs. 45.2 lakh) on Indian market CoinSwitch Kuber, while the most popular cryptocurrency is valued at $55,950 on worldwide platforms like CoinMarketCap (roughly Rs. 41.5 lakh). In terms of percentages, Bitcoin has dropped 7.55 percent in the last 24 hours, falling well below the $60,000 (approximately Rs. 44.7 lakh) threshold that it has been hanging around over the past several days. This is also the cryptocurrency’s lowest price in over a month, a sharp contrast to the all-time high of $68,990 achieved previous week.
The troubles of Bitcoin appear to have spread to all other crypto assets, as the global crypto market capitalisation fell by 5% overall. On CoinSwitch Kuber, Ether fell 6.84 percent in the last 24 hours to $4,406 (approximately Rs. 3.27 lakh), while global exchanges saw an average decline of 5.28 percent to $4,042. (roughly Rs. 3 lakh). The Ethereum-based cryptocurrency has witnessed a more than 15% decline since its all-time high of $4,870 on November 10th, according to Gadgets 360’s cryptocurrency price tracker (roughly Rs. 3.61 lakh).
“BTC fell below $57,000 [approximately Rs. 42.3 lakh] in the crypto market’s most turbulent 24 hours. Ether, the largest altcoin, is approaching the $4000 [approximately Rs. 2.96 lakh] level. With the exception of stablecoins, all of the top 30 cryptos ended in the red. With the weekend approaching, the next 24 hours are expected to be turbulent “According to Edul Patel, CEO and co-founder of Mudrex, an AI-driven crypto investment platform.
The 24-hour change tab on the crypto market tracker is dominated by red today, which isn’t a good sight. Big slips were seen in Cardano, Polygon, Ripple, Polkadot, and Tether.
Mid-week, meme coins Dogecoin and Shiba Inu showed tiny signs of recovery, but large drops continued through Thursday. DOGE is presently trading at $0.23 (approximately Rs. 17.80), down 9.21% in the last 24 hours, while Shiba Inu is selling at $0.000042 (about Rs. 0.003149), down 11.95%.
During a keynote address on Thursday, Prime Minister Narendra Modi said that all democratic nations must work together to ensure that Bitcoin “does not wind up in the wrong hands, which can corrupt our youth.” PM Modi made his first public comments on cryptocurrencies after convening a high-level meeting with market participants last week to discuss problems connected to crypto regulation and hear concerns about the existing state of affairs in India’s unregulated crypto market.
In the parliamentary session that begins this month, the government hopes to introduce and pass a cryptocurrency law.
Closer to home, the Chinese government isn’t easing up on its crypto crackdown, with prominent cryptocurrency news outlets already appearing to be suspending operations. ChainNews and Odaily, two crypto news outlets, have both become unreachable in recent days, with neither outlet providing an explanation. Instead, both publications have continued to operate via Twitter and Telegram, which are both blocked in China.