Days after it hit a new all-time high, Bitcoin’s price rally saw a substantial setback after the cryptocurrency registered a 4.05 percent slump on Tuesday, November 15. Presently, the world’s oldest cryptocurrency is trading at $68,096 (roughly Rs. 50 lakh) per token as per Indian exchange CoinSwitch Kuber. On international exchanges like CoinMarketCap and Binance, Bitcoin price is hovering around $61,400 (roughly Rs. 45.6 lakh). Despite these daily fluctuations, Bitcoin owners seem content investing in and holding on to their Bitcoin assets, a recent report by Glassnode has recently revealed. Bitcoin price however does end up affecting the daily growth of altcoins.
Following Bitcoin on the loss trail, Ether registered a major drop of 6.64 percent. The world’s second most valued crypto-coin is presently trading at $4,741 (Rs. 3.5 lakh), as per the Gadgets 360 crypto price tracker. After having created a new record high of $4,840 (roughly Rs. 3.6 lakh) on November 9, Ether did witness fluctuations in its value but managed to maintain an overall healthy price per token.
With the top two cryptocurrencies facing losses, several other altcoins including Cardano, Ripple, Polkadot, Dogecoin, and Shiba Inu among a majority of others saw value slumps.
Among a small bunch of crypto-coins, that escaped the value fall and opened the day with gains include the DogeFi, Bitcoin Hedge, and Underdog.
The market movement comes just a day after US President Joe Biden signed a new law that includes tax reporting provisions that apply to cryptocurrency among other developments.
The crypto space is anyway expanding in the US with cities like Miami and New York launching their own blockchain-based digital assets – Miami Coin and NYCCoin
Meanwhile, India is opening dialogues around the crypto-space. Prime Minister Narendra Modi recently chaired a meeting where government officials discussed concerns around the misuse of cryptocurrencies for unlawful activities.
The Indian government plans to keep studying the crypto space and take measures to legalise and regulate the crypto space accordingly.
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.