Crypto Market in Red, Bitcoin Price More than USD 57,000, Ether, Solana, Litecoin

Bitcoin, the largest cryptocurrency by market capitalization, was down about 0.77 percent on Friday. The price of Bitcoin dropped to $57,854 on international exchanges and around $60,708 on Indian exchanges like CoinSwitch. Volatility in the crypto market has also increased due to the Producer Price Index (PPI) and unemployment rate in the US being higher than expected.

There was a loss of about 0.70 percent in Ether. on international exchanges Ethereum The price was around $2,350 and $2,484 on Indian exchanges. According to Gadgets360’s crypto price tracker, the prices of USD Coin, Tron, Solana, Bitcoin SV, Elrond and Stellar have also decreased. In the last one day, the market capitalization of crypto was down by about 0.49 percent to about $ 2.04 trillion.

Shivam Thakral, CEO of crypto exchange BuyUcoin, told Gadgets360, “Traders are willing to take more risks, indicating an increase in volatility. The market sentiment is positive due to increased institutional demand.” The Federal Reserve meeting is to be held in America next week and an interest rate cut of 0.25 percent may be announced.

Despite high taxes in the country, investors’ interest in cryptocurrencies is increasing. This is the second consecutive year in which India has a high ranking in the world regarding investment in cryptocurrencies. However, in the last few months, regulators have also taken strict steps against some firms in this segment. Blockchain analytics firm Chainalysis has said in a report that between June last year and July this year, the use of centralized exchanges and decentralized finance assets has increased in the country. The central government has taken a tough stance against the crypto segment in the country since 2018. Late last year, show cause notices were issued by the Financial Intelligence Unit (FIU) to nine offshore crypto exchanges for not following the rules. Recently, Binance, one of the major crypto exchanges, received a notice to pay GST of Rs 772 crore in the country. After this Binance reiterated its commitment to comply with the laws of the country.