A new bill about cryptocurrency has been passed in Lok Sabha which may had adverse affect on cryptocurrency market. Read the full to know more about it :
The global cryptocurrency market capatilisation climbed upto 4.84 to $2.58 trillion on Wednesday. At$56,942.32,Bitcoin dominated market with a 41.71 percent hold, despite a 1.90 fall over the last 24 hours. The total crypto market volume over last 24 hours stood at $124.40B,registering 62.53 rise.
Ethereum, rose to 2.99 percent to $4.273,while Solano fell marginally by 0.76 percent to $217.8. The biggest gainers over last day were Solar energy, which rose 40,467 percent and bankless DAO, which surged 12.745 percent. The memecoin DOGE also rose by 2.01 percent, while SHIB went down by 6.07 percent. Notably these coins are trading below $0.
In DeFi space the total volume of trading over last 24 hours was at $18.48 billion constituting around 77.56 percent in crypto market’s 24-hour volume.
According to the statement of Lok Sabha a bill “seeking to prohibit all private cryptocurrencies in India” was listed among 26 legislations which will be proposed in winter session of Parliament.
This is in stride with government’s stance to ban cryptocurrencies like Bitcoin for all transactional purposes.
Barring a few exceptions to promote underlying technology of cryptocurrency and its uses,” the imminent production of Cryptocurrency and Regulation of Official Digital Currency Bill , 2021 saw market crash with all major currencies falling around 15 percent or more.