PM Modi Cautions On Crypto Coins At Sydney Dialogue, Bitcoin, Ethereum Rise

While addressing the Sydney Dialogue on November 18, Prime Minister Narendra Modi urged democratic nations to work together to halt the misuse of technological innovations like cryptocurrency. "It is important that all democratic nations work together on this and ensure that it does not end up in the wrong hands, which can spoil our youths," said Modi in a tweet.

In the cryptocurrency world, after three days of continuous fall, top coins Bitcoin (BTC) and Ethereum (ETH) rose today.

The price of BTC was $59,905.63, rising by 0.12 per cent in the last 24 hours as at 10 am, according to coinmarketcap.com. Ethereum was trading at $4,288.38 and it grew 2.31 per cent in the last 24 hours, according to coinmarketcap.com.

According to coinmarketcap.com, HarmonyPad gained 1,113.92 per cent in the last 24 hours to become the top gainer with a coin price of $0.03909 by 10 am. ARC Governance (ARCX) lost the most as it witnessed a fall of 100 per cent in the last 24 hours. 

Binance Coin's (BNB) remained in the red with a fall of 2.68 per cent in the last 24 hours to trade at $575.39 at 10 am but it maintained its third position. Tether (USDT) was at the fourth position; it was priced at $1 and saw a fall of 0.3 per cent in the last 24 hours. With a fall of 2.31 per cent, Solana (SOL) continued at the fifth position in the coinmarketcap.com list, at a price of $213.91.

Top Meme Coins 

In the world of meme coins, Dogecoin (DOGE) fell 1.04 per cent in the last 24 hours with a price of $0.2359 at 10 am. Doge's rival Shiba Inu (SHIB) has experienced a fall of 2.17 per cent in the last 24 hours at $0.00004799.

Dogelon Mars (ELON), with a price of $0.000001875, saw a growth of 23.70 per cent in the last 24 hours. Moreover, Samoyedcoin (SAMO) was trading at $0.1171, registering a rise of 29.81 per cent in the last 24 hours, according to coinmarketcap.com.

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With the intention to eliminate crypto mining from the country, China has started a crackdown on mining. "We will focus on cleaning out state-owned units involved in virtual currency and bitcoin mining, reiterating that all virtual currency-related activities are illegal. Virtual currency does not have the same legal status as legal currency," China Global Television Network quoted the country’s National Development and Reform Commission (NDRC) as saying earlier.

Prime Minister Narendra Modi reiterated his cautious stance on cryptocurrencies while speaking on the theme of "India's Technology: Evolution and Revolution" at Sydney Dialogue.

This comes days after he held discussions on cryptocurrency, where he highlighted the danger of the youth getting misled by “non-transparent advertisements”. There are indications that the Indian government will come out with a regulation soon though it will not ban cryptocurrencies.