Bitcoin prices continued to fall on Tuesday, with the world’s most valuable cryptocurrency falling 1.12% to $24,152 (roughly Rs. 20 lakh). In the past 24 hours, the value of BTC fell by $580 (approximately Rs. 48,100). Ethereum lags behind Bitcoin and is in the red on the cryptocurrency price chart on Tuesday. The value of ETH currently stands at $1,555 (approximately Rs. 1.2 lakh) after losing 3.51%. On the last day, ETH price fell by $57 (roughly Rs. 4,726).
Senior manager Shubham Hudda said: “Some of the events that investors are expected to watch closely include the US Consumer Price Index (CPI) data scheduled for release tomorrow, and the US Producer Price Index (PPI) data expected to be released on Thursday and U.S. retail sales data.”, 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 cryptocurrency industry fell by 2.02% in the past 24 hours, with the upper limit falling to $1.01 trillion (approximately Rs 83,75,172 crore). “In the past 24 hours, Bitcoin briefly lost the key support level of $25,000 (roughly Rs. 20 lakh) for the first time in nearly three months. For BTC to not go into panic mode, $24,500 (roughly Rs. 25.3 lakh) must be maintained ); Bitcoin has been trading above this level for almost six months,” Hudda noted.
Augur and Floki Inu were the only two cryptocurrencies to post modest gains today.
In the coming months, the cryptocurrency market may stabilize on an international level if countries announce rules aimed at making the industry safer and easier to participate in. India’s G20 presidency will reach its peak in December and these internationally recognized cryptocurrency regulations are expected to be developed in the coming months.
From mandatory KYC requirements, the Foreign Account Tax Compliance Act (FATCA), to existing anti-money laundering standards, these cryptocurrency laws could require cryptocurrency companies to issue regular audit certifications and globally consistent cryptocurrency tax policies. Additionally, the law could require all cryptocurrency companies to hire a Money Laundering Reporting Officer (MLRO) and give cryptocurrency companies the accreditation of authorized resellers (such as banks).
Crypto industry players in India are positive about these upcoming changes in the crypto industry. “An outright ban on cryptocurrencies has been considered before, but it seems unlikely and inconsistent with global consensus. A harmonized regulatory framework for cryptocurrencies is a positive development. It is commendable that governments have recognized the need to unilaterally regulate cryptocurrencies limitations,” Ankur Grover, CEO and co-founder of Zoksh Pay, told Gadgets 360.
Cryptocurrency is an unregulated digital currency, not legal tender, and is subject to market risks. The information provided in this article is not intended and does not constitute financial advice, trading advice or any other advice or recommendation of any kind provided or endorsed by NDTV. NDTV is not responsible for any losses arising from any investment based on any perceived recommendations, predictions or any other information contained in the article.
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