Bitcoin Trades Low Despite Improvement in Overall Crypto Market, India's Ban Scare Loses Steam

Bitcoin continues to trade far below its all-time high of $68,327.99 (roughly Rs. 50.5 lakh).

By Radhika Parashar | Updated: 26 November 2021 11:40 IST

Bitcoin Trades Low Despite Improvement in Overall Crypto Market, India's Ban Scare Loses Steam

Photo Credit: Unsplash/ Executium

The crypto market is on a gradual recovery after a recent crash influenced by India's ban-plan

Highlights

Bitcoin and Ether gained 1.24 percent and 3.85 percent, respectively
Ripple, USDCoin, and Dogecoin rally up
Cardano, Polkadot, Shiba Inu continue to struggle

Bitcoin lost value by over 20 percent in these last two days. The cryptocurrency is presently trading at $59,817 (roughly Rs. 44.6 lakh) with a gain of 1.24 percent on Indian exchange CoinSwitch. On International exchange CoinMarketCap, the first cryptocurrency is valued $58,000 (roughly Rs. 43 lakh). This current Bitcoin situation is in stark contrast to what it was a few days ago when the token was riding around its all-time high of $68,327.99 (roughly Rs. 50.5 lakh). The crypto market crashed earlier this week after India's proposal to ban “private cryptocurrencies” was listed as a parliament agenda.

Ether has managed to break free from the negative market spell sooner than Bitcoin. With a gain of 3.85 percent, Ether entered into Friday, November 26 trading at $4,573 (roughly Rs. 3.4 lakh), according to the Gadgets 360 crypto price tracker. Earlier this month, Ether had also created a new all-time high of trading at $4,811 (roughly Rs. 3.5 lakh).

The green colour dominating the crypto price chart today indicated that majority popular cryptocurrencies including Tether, Ripple, USDCoin, and Dogecoin registered ups in their trading values.

Crypto Bill: India Seeks to Block Most Cryptocurrencies

On the other hand, some tokens like Cardano, Polkadot, and Shiba Inu recorded marginal dips.

India is gearing up to bring the crypto topic on the parliamentary table in the coming days. For now, the country is considering the ban of all “private cryptocurrencies” without elaborating on the definition of the term.

Also, the risks that cryptocurrencies are prone to have become a topic of contention among enthusiasts. Recently after the FBI warned people against rising crypto scams, the Shiba Inu team notified investors about a dupe-scam making the rounds on Telegram.

Tesla CEO Elon Musk also seconded an idea on Twitter that pushes investors to hold their crypto assets in private wallets rather than keeping their custody with centralised exchanges like Binance and Robinhood.

Interested in cryptocurrency? We discuss all things 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 wherever you get your podcasts.

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Cryptocurrency Prices across Indian exchanges

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Further reading: Cryptocurrency, Bitcoin, Crypto Market, Ether, Cardano, Ripple, Tether, Polkadot, Dogecoin, Shiba Inu

Radhika Parashar

Email Radhika

Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More