Sumary of Bitcoin Price in India Today Slightly Up Following Sudden Market Crash Amid Panic:
- Amid the news of cryptocurrency being regulated by the government soon, crypto investors were in a panic mode since a day back.
- The prices of Bitcoin, Solana and other cryptocurrencies fell a day ago, but rose slightly on Thursday, November 25, as markets began to stabilise after the initial ripple effect.
- The Bill, ‘Cryptocurrency and Regulation of Official Digital Currency’ Bill, has sought to put a ban on the private digital tokens barring a few and introduce the Central Bank Digital Currency of the Reserve Bank of India instead.
- Bitcoin was trading at Rs 43,69,008 in the Indian market, crypto trading website WazirX showed.
- This was slightly up from the 34,00,000 mark which the world’s largest cryptocurrency had registered on Wednesday, November 24. Cryptocurrency prices in the Indian market declined up to 20 per cent on Wednesday as investors in a panic mode began selling their assets.
- “On Tuesday night, we saw huge selling in the rupee (INR-crypto) market on WazirX.
- A similar knee-jerk reaction was seen in January, when the contents of the bill were disclosed,” WazirX CEO Nischal Shetty was quoted as saying by Times of India.
- A bill to ban all private cryptocurrencies in India, with a few expectations to promote blockchain technology will be introduced in the upcoming winter session of the Parliament, the government said.