Cryptocurrency: Bitcoin recovering after a steady decline, Ether may set a new record

Bitcoin is battling against the fall last Friday, when news of a new variant of the coronavirus triggered a panic among investors to sell their crypto holdings. Bitcoin is trading at $59,271 (about Rs 44.46 lakh) on Indian exchange Coinswitch Kuber, up 0.57 per cent from Tuesday’s stable trade. Global exchanges such as CoinMarketCap have priced the world’s most popular cryptocurrency at $57,136 (approximately Rs 42.86 lakh), down 0.49 per cent in the last 24 hours. However, the happy thing for the bulls is that after seeing bearishness for the last two weeks, bitcoin has reached close to $60,000 (about Rs 44.99).

There hasn’t been a huge spike in bitcoin trades in the last 24 hours, but ether Has continued the uptrend with a gain of 6.73 per cent in the last 24 hours. The world’s second most popular cryptocurrency on CoinSwitch Kuber is currently valued at $4,888.6 (approximately Rs 3.67 lakh), while Ether is valued at $4,704.78 (approximately Rs 3.53 lakh) on global exchanges and has seen an improvement of 5.24 per cent in 24 hours . Gadgets 360 cryptocurrency price tracker shows that the Ethereum-based coin has grown to reach a new all-time high.

It is said in the crypto market that whenever there is a fall in bitcoin, then its benefit goes to the rest of the currencies. Tether, Chainlink, ripple, Polkadot, Polygon, And Litecoin All have seen an increase in their value in the last 24 hours. just one coin, cardano Has faced a marginal decline of 0.74 per cent and is valued at $1.63 (approximately Rs.122.49).

dodgecoin And Shiba Inu has also continued its momentum. Dodgecoin is currently trading at $0.23 (approximately Rs.16.92) with an increase of 0.18 percent. The Shiba Inu value is $0.000048 (approximately Rs.0.003589), up by 8.08 percent in the last 24 hours. According to CoinGecko, the value of SHIB has seen an increase of 14.4 percent in the past few days.

Meanwhile, on the upcoming crypto bill in Parliament, the government has said that after getting approval from the Union Cabinet, it is certain to bring a bill on cryptocurrency. The Cryptocurrency and Regulation of Official Digital Currency Bill has been included in the Lok Sabha Bulletin-Part 2, which is likely to be introduced in the current winter session of Parliament.

The bill seeks to create a framework for the creation of an official digital currency to be issued by the Reserve Bank of India (RBI). With few exceptions, the bill also calls for a ban on all private cryptocurrencies in the country.

Finance Minister Nirmala Sitharaman has clarified in the Lok Sabha on Monday that the government has no proposal to recognize bitcoin as a currency. He has also told the House that the government does not collect any data on bitcoin transactions.