Despite Minor Gains and Losses, Major Cryptocurrencies Remain Stable

Entering into the middle of December’s second week, Bitcoin opened Wednesday with a minor loss of 0.90 percent. The world’s most-valued cryptocurrency is currently trading at $53, 619 (roughly Rs. 40 lakh) as per Indian exchange CoinSwitch Kuber. On international exchanges such as CoinMarketCap and Binance, the world’s oldest cryptocurrency is being traded for around $50,000 (roughly Rs. 38 lakh) per token. While the overall status of Bitcoin is improving gradually, its daily position remains not-too-loud in terms of gains or losses. Bitcoin fell from its all-time high of $68,327.99 (roughly Rs. 50.5 lakh) recently after India’s plans of banning cryptocurrencies emerged online.

Like Bitcoin, Ether also opened the day with a minimal loss of 0.14 percent. Presently, the world’s second most-valued cryptocurrency is trading at $4,612 (roughly Rs. 3.4 lakh), as per the Gadgets 360 crypto price tracker. Despite the market ups and downs, Ether trading values have remained above $4,400 (roughly Rs. 3 lakh).

Cardano, Ripple, Shiba Inu, and Polygon also joined Bitcoin and Ether on the loss-wagon with minor changes.

In the list of altcoins that witnessed gains, Tether, USD Coin, Dogecoin, Litecoin, Uniswap, and Chainlink made the cut.

“Over the coming few days, we might see a range-bound movement across the cryptocurrency market,” Edul Patel, CEO and Co-founder, crypto investment firm Mudrex told Gadgets 360.

Crypto adoption around the world is gaining momentum. A recent study revealed that the number of crypto users rose to 28.8 percent this year – a ten percent increase in the 18.4 percent that was recorded last year.

Presently, the adoption of cryptocurrencies is witnessing resistance from nations like India. The finance ministry of India has drafted a crypto bill that calls for the banning of private cryptocurrencies. The proposed legislation also seeks to make those who infringe the law subject to be arrested without a warrant and being held without bail along with being liable to pay hefty fines.

The bill will be presented before the Indian parliament after it gets approvals from the Cabinet.

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.