Crypto Market in Profit, Bitcoin down More than 3 Percent

The ongoing volatility in Japan’s stock market for the last few days and tensions between some other countries are having a big impact on the crypto market. The price of Bitcoin, the largest cryptocurrency by market capitalization, was down by about 3.25 percent to around $57,261 on international exchanges like CoinMarketCap. Bitcoin was down about 1.54 percent on Indian exchanges and was trading around $61,733. Crypto analysts say that its price may recover due to increase in buying by whales in the fall.

Second largest cryptocurrency Ethereum There was an increase of 4.37 percent. Its price was around $2,415. The prices of Avalanche, Cardano, Tron, Polkadot, Solana and Ripple have increased. The cryptocurrencies that declined included Binance Coin, USD Coin, Iota and Circuits of Value. The market capitalization of crypto was up by about 2.65 percent at about $2.02 trillion.

Vikram Subburaj, CEO of crypto exchange Giottus, said, “The share of Bitcoin has increased significantly and has crossed 57 percent. Bitcoin whales had bought about 30,000 Bitcoins during the market decline earlier this week. Along with this, There are signs of recovery in the crypto market. The main reasons behind this are the increasing activity of whales and institutional interest.

The government has no plans to regulate this segment in the country. The European Union (EU) and UAE have made rules for the crypto segment. Earlier this week, 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.”