Bitcoin Trades Low Despite Improvement in Overall Crypto Market, India’s Ban Scare Loses Steam

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Bitcoin is still trading significantly below its all-time high of $68,327.99. (roughly Rs. 50.5 lakh).
Bitcoin’s value has dropped by more than 20% in the last two days. On the Indian market, CoinSwitch, the cryptocurrency, is currently trading at $59,817 (approximately Rs. 44.6 lakh) with a 1.24 percent gain.
The first cryptocurrency is valued at $58,000 on the international exchange CoinMarketCap (roughly Rs. 43 lakh). This is in sharp contrast to the situation a few days ago, when the token was hovering near its all-time high of $68,327.99. (roughly Rs. 50.5 lakh). The cryptocurrency market collapsed earlier this week after India’s proposal to ban “private cryptocurrencies” was placed on the parliament’s agenda.
Ether was able to break out from the bear market earlier than Bitcoin. According to the Gadgets 360 crypto price tracker, Ether traded at $4,573 (approximately Rs. 3.4 lakh) on Friday, November 26, with a 3.85 percent raise. Earlier this month, Ether reached a new all-time high of $4,811 in trade (roughly Rs. 3.5 lakh).
The green color dominating the crypto price chart today revealed that most popular cryptocurrencies such as Tether, Ripple, USDCoin, and Dogecoin saw increases in trading values.
India is preparing to bring the question of cryptocurrency to the parliamentary table in the coming days. For the time being, the country is mulling a ban on all “private cryptocurrencies,” without elaborating on the term’s definition.
Furthermore, the hazards that cryptocurrencies face have become a source of controversy among specialists. Following the FBI’s recent warning about escalating crypto frauds, the Shiba Inu team alerted investors to a dupe-scam making the rounds on Telegram.
Tesla CEO Elon Musk recently supported a proposal on Twitter that encourages investors to store their crypto assets in private wallets rather than centralized exchanges like Binance and Robinhood.

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