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

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.

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.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.