Bitcoin Price Dip Continues; Values of Most Cryptocurrencies Including Ether Fall Amid Increasing Volatility
Bitcoin price continued to dip for on Tuesday, as the world's most valuable cryptocurrency recorded a dip of 1.12 percent to trade at $24,152 (roughly Rs. 20 lakh). In the last 24 hours, BTC has witnessed a $580 (roughly Rs. 48,100) drop in value. Ether trailed behind Bitcoin and found itself on the loss-making side of the crypto price chart on Tuesday. The value of ETH presently stands at $1,555 (roughly Rs. 1.2 lakh) after a 3.51 percent drop. Over the last day, ETH price has reduced by $57 (roughly Rs. 4,726).
“A few events that investors are expected to closely monitor include the US CPI Data slated for tomorrow, alongside the US Producer Price Index (PPI) data and US retail sales data which are expected to be published on Thursday,” Shubham Hudda, Senior Manager, CoinSwitch Markets Desk told Gadgets 360.
Tether, Binance Coin, USD Coin, Ripple, Dogecoin, Cardano, Solana, Polkadot, Polygon, and Litecoin all recorded losses on Tuesday.
The overall valuation of the crypto sector dropped by 2.02 percent in the last 24 hours, bringing the cap to $1.01 trillion (roughly Rs. 83,75,172 crore). “In the last 24 hours, Bitcoin briefly lost its crucial support at $25,000 (roughly Rs. 20 lakh) for the first time in almost three months. For BTC to not enter panic mode, $24,500 (roughly Rs. 25.3 lakh) support has to be maintained; a level above which BTC has trading for almost six months now,” Hudda noted.
Augur and Floki Inu emerged as the only two cryptocurrencies to have reeled-in minor gains today.
In the months to come, the crypto market could witness stabilisation on an international level, if rules designed to make the sector safer and easier to engage with are announced by various countries. India's G20 Presidency is set to culminate in December and it is expected that these internationally recognised crypto regulations will be worked on during the coming months.
From mandating KYC requirements, Foreign Account Tax Compliance Act (FATCA), and existing anti-money laundering Standards — these crypto laws could order regular release of audit proofs by crypto firms and globally uniform crypto tax policies. In addition, the laws could ask all crypto firms to hire Money Laundering Reporting Officers (MLRO) and give crypto firms the recognition of authorised dealers (like banks).
Crypto industry players in India are positive about these upcoming changes to the crypto sector. “An outright ban on cryptocurrencies, which was previously considered, seems unlikely and not aligned with the global consensus. A coordinated regulatory framework for crypto is a positive development. It is commendable that the government has recognized the limitations of a unilateral approach towards regulating cryptocurrencies,” Ankur Grover, the CEO and Co-Founder of Zoksh Pay told Gadgets 360.
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.
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