Bitcoin fell below the $61,000 level today as cryptocurrency values plummeted. By market capitalization, the world’s most popular and largest cryptocurrency fell almost 6% to $62,054. Bitcoin, which recently set a new high of about $69,000, has gained over 114 percent year-to-date (YTD).
The Union government and the Reserve Bank of India (RBI) were not on the same page on cryptocurrencies at a recent meeting headed by Prime Minister Narendra Modi, a sector that has been quietly flourishing in India over the past few months., according to reports.
Rather than outright banning cryptocurrency, the Modi government and its ministries advocated for a strong regulatory framework to prevent money laundering and terror financing.
The principal cryptocurrency was riding high less than a week ago, reaching $69,000 for its latest all-time high. The scenery shifted as the community pondered whether it had the strength to climb upwards and reach $70,000. Bitcoin has been extremely volatile in recent days. Last night, a strong offer from Asia-based players propelled the token higher. Ethereum had a similar price movement to Bitcoin, but it outperformed it.
In the last 24 hours, Polkadot, Terra, Litecoin, Chainlink, and Bitcoin Cash have all lost roughly 10% of their value. As a result, DOT has dropped to $42, Luna to $45, LTC has dropped below $250, LINK has dropped to slightly over $30, and BCH has dropped below $620.
For investment related articles, business news and mutual fund advise
You have already subscribed
Story first published: Tuesday, November 16, 2021, 18:29 [IST]