Cryptocurrency Update: The prices of Bitcoin, Dogecoin, Shiba Inu and other major cryptocurrencies fell on Wednesday, November 25 as multiple factors came into play. Bitcoin price dropped to its lowest in a month on the day, while Shiba Inu declined by more than 10 per cent over the last 24 hours. End of year profit-booking, increasing selling pressure and the Indian government’s decision to introduce ‘Cryptocurrency and Regulation of Official Digital Currency’ Bill during the upcoming Parliament session put pressure on the cryptocurrency ecosystem on the day. Bitcoin price fell to as low as 55,460.96 on Wednesday, and stood at $56,556.06 at the time of writing this article. This was down by 0.91 per cent over the last 24 hours, data from CoinMarketCap showed.
In the upcoming winter session of the Parliament, a Bill is set to be introduced, banning all private cryptocurrencies in India, with a few expectations to promote blockchain technology. “The Bill also seeks to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses,” the bulletin listing the legislative business posted on Lok Sabha’s website said.
The news has created a ripple effect in the crypto industry with investors rushing to withdraw their investments. Experts, however, are urging investors not to take a decision out of panic.
“The crypto industry is hopeful that the government will involve the industry stakeholders while drafting the bill. At CoinSwitch Kuber, we shall follow the directions provided by the government. As of now, I urge all crypto asset investors in the country to remain calm, do their own research before arriving at a rushed conclusion. Investors should wait for a government statement on this matter and not rely on secondary sources of information,” said Ashish Singhal, founder and CEO of CoinSwitch Kuber.
Some experts have also welcomed the move, like Edul Patel, who is the founder and CEO of Mudrex. “The Indian crypto ecosystem has just started to grow at a rapid pace. Regularising the crypto ecosystem would essentially allow a lot more companies to start operations in India. That will add to a massive amount of employment opportunities for young graduates. The government’s decision to regularise would be a massive boost to the ecosystem," he said regarding the crypto future in India.
Coming to the global scenario, the global cryptocurrency market cap was standing at 2.80 trillion, data from CoinMarketCap showed. This was down up 0.26 per cent over the past 24 hours. The crypto volume numbers however declined through the day. The volume of traded coins stood at $125.73 billion, which was a 0.40 per cent dip over the last 24 hours.
Ethereum Meta was the top gainer in the global crypto market. Over the last 24 hour, the value of one token increased by 3,777.30 per cent. One token was priced at $0.000001105, as per data. ALL BEST ICO occupied the second spot in the top gainers’ pack, priced at $0.001832 and up by 1,151.19 per cent over the last 24 hours. Mars SpaceX, valued at $0.000001339 per token, continued its upward trend and came third with a surge of 589.29 per cent in the last day.
As far as losers were concerned, the top spot went to Snowball Snowbank. The price of one token went down by 75.03 per cent and was trading at $0.0000000006287. Tanuki Token and Elonomics came second and third in the chart, decreasing by 72.24 and 71.08 per cent respectively during the course of the last day.
Top 6 Cryptocurrency Gainers in the Last 24 Hours (According to Data from CoinMarketCap)
Ethereum Meta: $0.000001105 - up by 3,777.30 per cent
ALL BEST ICO: $0.001832 - up by 1,151.19 per cent
Mars SpaceX: $0.000001339 - up by 589.29 per cent
GenShinShibInu: $0.001394 - up by 557.17 per cent
Solar Energy: $0.003576 - up by 533.56 per cent
Defiville: $7.93 - up by 347.57 per cent
Top 6 Cryptocurrency Losers in the Last 24 Hours (According to Data from CoinMarketCap)
Snowball Snowbank: $0.0000000006287 - down by 75.03 per cent
Tanuki Token: $0.0002418 - down by 72.24 per cent
Elonomics: $0.03559 - down by 71.08 per cent
SnoopDAO: $0.0221 - down by 64.18 per cent
Hatter: $0.000000005842 - down by 59.05 per cent
Baby CateCoin: $0.000000001388 - down by 56.82 per cent