Crypto Market in Red, Bitcoin Price More than USD 58,400 -lattestnews24

There has been volatility in the crypto market for the last few weeks. The FOMC meeting in the US and the launch of a crypto platform linked to Donald Trump, who is a big contender in the presidential election there, may affect this market. The price of the most valued cryptocurrency Bitcoin fell by about 0.12 percent on Indian exchanges and about 1.60 percent on international exchanges on Monday. It was trading at around $ 58,407 on international exchanges and around $ 62,053 on Indian exchanges.

The second-largest cryptocurrency Ether was down by about five percent. Its price was in the range of $2,279 to $2,289. Apart from this, the prices of Chainlink, Polkadot, Litecoin, Ripple, Cardano, Elrond, Polygon and Cronos have also decreased. Profiting cryptocurrencies included Binance coin, Solana, Near Protocol and Binance USD. In the last one day, the market capitalization of crypto was down by 3.14 percent to about $2.03 trillion.

Shivam Thakral, CEO of crypto exchange BuyUcoin, told Gadgets360, “Despite the uncertainty in the short-term, analysts are positive. The decline in the market can create a buying opportunity. Bitcoin and Solana are showing signs of recovery.” Despite high taxes in the country, investors are increasingly interested in cryptocurrencies. This is the second consecutive year in which India has a high ranking in the world for investment in cryptocurrencies. However, in the last few months, regulators have also taken strict action against some firms in this segment.

Blockchain analytics firm Chainalysis has reported in a report that the use of centralized exchanges and decentralized finance assets has increased in the country between June last year and July this year. The central government has taken a tough stand on the crypto segment in the country since 2018. At the end of last year, the Financial Intelligence Unit (FIU) issued show cause notices to nine offshore crypto exchanges for not complying with the rules. Recently, Binance, one of the big crypto exchanges, received a notice to pay GST of Rs 772 crore. After this, Binance reiterated its commitment to comply with the laws of the country.