The prices of top cryptocurrencies fell on November 16. Prices of the world’s biggest cryptocurrency Bitcoin (BTC) fell from $60,737.05, while the market value of Ethereum (ETH), the second-biggest cryptocurrency, fell from $4,318.50 at the time of filing the report at 9:30 am, according to data from cryptocurrency exchange Coinmarketcap.com.
Bitcoin has witnessed a fall of around 7.21 per cent in the last 24 hours, while ETH has plunged by around 7.98 per cent over the same period.
Binance Coin (BNB) came third and was trading at $612.38. It witnessed 6.34 per cent rise in the last 24 hours. Tether (USDT), at the fourth position, was trading at $1.00, at 9:30 am, with 0.022 per cent rise in the last 24 hours, according to Coinmarketcap.com. Solana (SOL) and Cardano (ADA) remained at the fifth and sixth positions, respectively.
"Solana-focused funds gained $9.8 million and seem to be getting stronger. These inflows are likely a result of a rise in the positive investor sentiment for ‘world computer’ coins, including Polkadot (DOT) and Ripple's XRP," says Gaurav Dahake, CEO and founder, Bitbns, a cryptocurrency platform.
Even though Ether fell 7.98 per cent over the last 24 hours, investments in funds focusing on Ethereum totaled $17 million, with the total AUM surpassing $21 billion for the first time, according to Bitbns.
Meme coin Shiba Inu (SHIB) witnessed a setback as prices fell 4.48 per cent in the last 24 hours, while Dogecoin (DOGE) has recorded a 5.51 per cent fall in the last 24 hours.
Shiba Inu was trading at $0.00005008 and Dogecoin at $0.2475 at 9:30 am, according to data from Coinmarketcap.com.
Expressing concern over the security of investors’ money in cryptocurrencies investments and transactions, the government on November 15 indicated that it may not ban the digital currency but may bring in a regulation soon.
While talking to CNBC-TV18 post the meeting, BJP leader Jayant Sinha, who chaired the meeting, said, "It's important to balance innovation and regulation.” Sinha highlighted the need to ensure investor protection, maintain fiscal stability, ensure adherence to FEMA and ensure cryptos aren't used for illicit finances.
Further, VanEck Bitcoin Strategy ETF is expected to be launched on November 16. "The Taproot upgrade failed to bring about any significant movements in the market, but the launch of VanEck Bitcoin Strategy ETF, the first bitcoin futures exchange-traded fund to go live (after the debut of ProShares and Valkyrie bitcoin futures ETFs), might serve as a catalyst," says Dahake.