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Government Of India May Recognise Crypto As Asset, Bitcoin Falls

Bitcoin (BTC) witnesses fall of over 1.18 per cent in the last 24 hours, while meme coin Samoyedcoin falls by around 13.44 over the same period at 8 am, as per coinmarketcap.com.

Government Of India May Recognise Crypto As Asset, Bitcoin Falls
Government Of India May Recognise Crypto As Asset, Bitcoin Falls
outlookindia.com
2021-12-03T09:42:08+05:30

The government of India may recognise crypto as an asset not currency and plans to regulate private cryptocurrency rather than ban it, according to a cabinet note on the proposed cryptocurrency Bill, said an NDTV report. The note adds that crypto will not be recognised as a legal currency in India. 

The global crypto market capitalisation is $2.60 trillion, with a 0.42 per cent decrease over the last 24 hours, and the total crypto market volume is $115.16 billion with a decrease of 6.02 per cent in the last 24 hours, according to coinmarketcap.com, a global crypto exchange.

The price of Bitcoin (BTC), the top cryptocurrency by market capitalisation, fell 1.18 per cent in the last 24 hours and it was trading at $56,369.39 at 8 am. Bitcoin’s prices are down 3.62 per cent in the last seven days and the coin’s dominance in the crypto market is 41.03 per cent with a decrease of 0.15 per cent in the last 24 hours.

“Currently, it seems like the market is oversaturated with leverage. High leverage implies bitcoin futures traders holding long positions could be vulnerable to liquidations if Bitcoin’s value continues to fall,” says Gaurav Dahake, CEO and founder, Bitbns, a crypto exchange.

Ethereum (ETH), the second-largest cryptocurrency by market value, lost 1.97 per cent in the last 24 hours and was trading at $4,492.97 at 8 am, according to coinmarketcap.com.

The price of Binance Coin (BNB) fell over 1.97 per cent in the last 24 hours and was trading at $611.61. Tether (USDT), the fourth in the list by market cap, was trading at $1, witnessing a fall of 0.02 per cent. Solana (SOL) increased 0.80 per cent in the last 24 hours and was at the fifth position in the coinmarketcap.com list; it was trading at a price of $229.25.

Biggest Gainer and Loser

Prince Floki V2 (PrinceFloki) became the biggest gainer in the last 24 hours, recording a rise of 928.99 per cent; it was trading at $0.00000009853 at 8 am. On the other hand, RPS LEAGUE (RPS) recorded a maximum loss in the last 24 hours, falling 99.47 per cent and was trading at $0.02999.

Meme Coins

Top meme coins by market value such as Dogecoin, Shiba Inu, Dogelon Mars (ELON) and Samoyedcoin (SAMO) continued to fall in the last 24 hours, according to coinmarketcap.com.

Top meme coin by market value Dogecoin fell 0.29 per cent in the last 24 hours and was trading at $0.207, while Shiba Inu witnessed a fall of 2.73 per cent in the last 24 hours and was trading at $0.00004155 at 9 am.

Dogelon Mars (ELON) has fallen by 3.09 per cent in the last 24 hours and was trading at $0.000001503, while Samoyedcoin (SAMO) was trading at $0.06311 and recorded a fall of 13.44 per cent in the last 24 hours, according to coinmarketcap.com.

Latest Update

In a cabinet note, the government of India said crypto exchanges will be dealing with crypto assets but they will be regulated by the Securities and Exchange Board of India (Sebi), according to an NDTV reported.

"It’s a very positive development. Once the cabinet gives consent to the note, the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 can be tabled in Parliament. It’s a prudent step to recognise crypto as an asset and not as a legal tender. Once the bill is tabled before Parliament, clauses and sub clauses can be discussed. Given the complexity involved, reaching consensus will be an uphill task for both treasuries as well as the opposition benches. The bill is likely to be referred to the standing committee of Parliament," says Sharat Chandra, a blockchain and emerging tech evangelist. 

The Reserve Bank of India's (RBI) proposed virtual money (CBDC) has not been included in the new crypto law. The central bank, on the other hand, will regulate issues related to cryptocurrency, the cabinet note added, as per NDTV.

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