The cryptocurrency market has plummeted as a result of reports of an Indian government ban
Following reports that the Indian government may ban cryptocurrency, the crypto market price charts were drenched in red on Wednesday, November 24. Bitcoin’s value has dropped by 25.51 percent to $46,601 on the Indian exchange CoinSwitch Kuber.
On a global scale, the world’s oldest cryptocurrency has managed to keep its value above $50,000, despite the fact that India’s prices are typically higher than global ones. Bitcoin is currently trading at a dipped value of $56,377 on CoinMarketCap.
This is the first time in recent memory that Bitcoin prices have moved so far away from their all-time high, which was $68,327.99 on November 9.
Given the tense market environment, Ether’s trading value fell by 20.83 percent. According to Gadgets 360’s crypto-price tracker, one Ether token is currently worth $3,622.
While the two most valuable cryptocurrencies took a beating in this market downturn, other altcoins were not spared.
Tether, Cardano, and Ripple, as well as Polkadot, USDCoin, Dogecoin, and Shiba Inu, have all seen significant drops in value in recent hours.
Doge Token and Floki Inu made it to the stands among the scare altcoins that managed to register minimal hikes.
The crypto market has been shaken by reports that a bill on the Parliament agenda seeks to prohibit the operation of all private cryptocurrencies in the country.
The agenda also stated that the government intends to introduce an official digital currency for India. However, it should be noted that this exact same bill was also scheduled for the budget session but was never discussed.
“To develop a facilitative framework for the creation of the Reserve Bank of India’s official digital currency.” The Bill also seeks to outlaw all private cryptocurrencies in India, but it allows for certain exceptions to “promote the underlying technology of cryptocurrency and its uses,” according to the agenda.
The “Cryptocurrency and Regulation of Official Digital Currency Bill, 2021” will be introduced for consideration and passage in the upcoming winter session of the Indian parliament, which begins on November 29.
According to multiple studies conducted by research firms such as Statista, Hootsuite, and TripleA, India is home to over 100 million cryptocurrency holders.
The news that Prime Minister Narendra Modi’s government is considering restricting the crypto space has also caused consternation among Indian enthusiasts.
In India, hashtags such as #WazirX, #CoinDCX, #BlackBill, and #CryptoBan are trending.
China had also imposed a blanket ban on all crypto-related activities in September.
In September, China had also imposed a blanket ban on all crypto-related activities.
