Crypto Market in Red, Bitcoin, Ether Prices Increase

There has been a lot of volatility in the crypto market for the last few weeks. The reason behind this is tension between some countries and other macro economic reasons. Bitcoin, the largest cryptocurrency in terms of market capitalization, had a profit of about 0.91 percent on Monday. Its price on Indian and international exchanges was in the range of $ 58,502 to about $ 63,320.

Ether was up by about 1.50 percent. Its price was around $2,418. Apart from this, Solana, USD Coin and Tron are also bullish. cryptocurrencies Were involved in. In the last one day, the market capitalization of crypto declined by 4.17 percent to about $ 2.05 trillion.

“Crypto markets were down over the weekend. Bitcoin has been in a downtrend for almost five months and may soon have a breakout. After Bitcoin crosses $67,000, it could reach $71,000,” the market desk at crypto app CoinDCX told Gadgets360. There are signs of volatility this week. The release of CPI and PPI data will be the major reason behind this. Crypto-related firms in the country are waiting for a regulatory framework to grow their business in a safe and legal manner. However, the central government has no plans to regulate this segment. The European Union (EU) and UAE have made rules for the crypto segment.

Recently, in a written reply in the Lok Sabha, Minister of State for Finance Pankaj Chaudhary had said that there is no proposal to make a law to regulate the buying and selling of virtual assets in the near future. MP GM Harish Balayogi had raised questions on the government’s stance regarding this segment. He had asked whether the government has any proposal to bring rules to regulate the crypto segment. In response, Chaudhary had said, “There is no proposal to bring a law to regulate the buying and selling of virtual digital assets. However, the Financial Intelligence Unit (FIU) has been authorized for special purposes of monitoring such as anti-money laundering.” Has gone.” During its presidency of the G20 last year, India collaborated with the International Monetary Fund (IMF) and the Financial Stability Board (FSB) with the aim of drafting crypto-related legislation for G20 group members.