While the overall status of Bitcoin is improving gradually, its position remains subtle in terms of daily gains and losses.
Bitcoin and Ether have been registering minor losses and gains Since
Photo Credit: Unsplash/ Executium
Entering into the middle of December's second week, Bitcoin opened Wednesday with a minor loss of 0.90 percent. The world's most-valued cryptocurrency is currently trading at $53, 619 (roughly Rs. 40 lakh) as per Indian exchange CoinSwitch Kuber. On international exchanges such as CoinMarketCap and Binance, the world's oldest cryptocurrency is being traded for around $50,000 (roughly Rs. 38 lakh) per token. While the overall status of Bitcoin is improving gradually, its daily position remains not-too-loud in terms of gains or losses. Bitcoin fell from its all-time high of $68,327.99 (roughly Rs. 50.5 lakh) recently after India's plans of banning cryptocurrencies emerged online.
Like Bitcoin, Ether also opened the day with a minimal loss of 0.14 percent. Presently, the world's second most-valued cryptocurrency is trading at $4,612 (roughly Rs. 3.4 lakh), as per the Gadgets 360 crypto price tracker. Despite the market ups and downs, Ether trading values have remained above $4,400 (roughly Rs. 3 lakh).
Cardano, Ripple, Shiba Inu, and Polygon also joined Bitcoin and Ether on the loss-wagon with minor changes.
In the list of altcoins that witnessed gains, Tether, USD Coin, Dogecoin, Litecoin, Uniswap, and Chainlink made the cut.
“Over the coming few days, we might see a range-bound movement across the cryptocurrency market,” Edul Patel, CEO and Co-founder, crypto investment firm Mudrex told Gadgets 360.
Crypto adoption around the world is gaining momentum. A recent study revealed that the number of crypto users rose to 28.8 percent this year – a ten percent increase in the 18.4 percent that was recorded last year.
Presently, the adoption of cryptocurrencies is witnessing resistance from nations like India. The finance ministry of India has drafted a crypto bill that calls for the banning of private cryptocurrencies. The proposed legislation also seeks to make those who infringe the law subject to be arrested without a warrant and being held without bail along with being liable to pay hefty fines.
The bill will be presented before the Indian parliament after it gets approvals from the Cabinet.
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