Bitcoin, Ethereum Rise As Uncertainty Over Regulation Continues
Even as uncertainty prevailed in the Indian cryptocurrency market regarding the proposed bill on regulation, top cryptos Bitcoin (BTC), Ethereum (ETH) and Binance Coin (BNB) rose on November 25.
Top cryptocurrency by market value Bitcoin was trading at $57,697.62, rising 2.37 per cent in the last 24 hours, as on data at 9:30 am from cryptocurrency exchange coinmarketcap.com. Ethereum’s price has risen 1.67 per cent in the last 24 hours at a price of $4,313.78. The third-largest cryptocurrency by market capitalisation, Binance Coin, was trading at $610.23 and rose 4.65 per cent in the last 24 hours. Tether (USDT) was at the fourth position with a price of $1 and rose 0.08 per cent in the last 24 hours. However, Solana (SOL) continued to fall, losing 4.91 per cent and was trading at $208.59, according to coinmarketcap.com.
“India’s upcoming crypto bill did not cause Bitbns users to panic sell. This was evident due to the difference in the USDT/INR deep order book. Liquidity stayed around 70 on Bitbns yesterday (November 24), when compared to other platforms. We witnessed a significant rise in trading volume as well,” says Gaurav Dahake, CEO and founder of Bitbns, a leading Indian crypto exchange.
LinkArt (LAR) became the biggest gainer in the last 24 hours clocking an increase of 812.84 per cent in the last 24 hours; it was trading at $0.006117 at 9:30 am. Inferno Pay (IFO) has witnessed the steepest loss in the last 24 hours of 97.21 per cent and was trading at $0.00003489.
Meme Coins
Dogecoin (DOGE), the most popular among meme coin, has fallen 2.94 per cent in the last 24 hours and was trading at $0.2174. The second most popular meme coin by market value, Shiba Inu (SHIB) has made a comeback and risen 2.10 per cent in the last 24 hours and was trading at $0.00004127, at 9:30 am, according to coinmarketcap.com.
Dogelon Mars (ELON) has plunged 12.61 per cent in the last 24 hours and was trading at $0.000001387, while Samoyedcoin (SAMO) was trading at $0.08477 and recorded a fall of 6.34 per cent in the last 24 hours, according to coinmarketcap.com.
Latest Update
In an interaction with CNBC TV 18 on Wednesday, former Reserve Bank of India (RBI) governor Raghuram Rajan said that among 6,000 cryptocurrency which exist today, most of them will die and only a “handful” will survive.
“Do we really need 6,000 cryptocurrencies to do payments? One or two, may be a handful, that is going to survive to be used for payments even if the technology is so useful that it is a substitute for cash and currency. That would suggest that most cryptos are unlikely to survive with high values going forward,” Rajan was quoted as saying by CNBC-TV18.
