The price of Ether has fallen by about 5.70 percent. Its price on international exchanges fell by about 5.68 percent to around $2,375. Apart from this, there was a decline in USD Coin, Cardano, Polkadot, Chainlink, Near Protocol, Polygon, Monero and Stellar. Among the rising cryptocurrencies TetherBinance Coin, Ripple, Tron, Litecoin and Bitcoin SV. The market value of crypto was down by about 4.22 percent in the past one day to around $1.99 trillion.
The trade desk of crypto exchange ZebPay told Gadgets360, “Ether is witnessing a lot of volatility. This has led to its biggest monthly decline in more than two years. Trading volumes are also low. It has strong support at $2,400 and resistance at around $2,850.” The central government does not plan to regulate the crypto segment. The European Union (EU) and UAE have made rules for this segment.
Recently, 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 purchase and sale of virtual assets. MP GM Harish Balayogi had questioned the government’s stand on this segment. He had asked whether the government has any proposal to bring rules to regulate the crypto segment. In response to this, Chaudhary had said, “There is no proposal to bring a law to regulate the purchase and sale of virtual digital assets. However, the Financial Intelligence Unit (FIU) has been authorized for special purposes of surveillance such as anti-money laundering.” During its presidency of the G20 last year, India collaborated with the International Monetary Fund (IMF) and the Financial Stability Board (FSB) to draft a crypto-related law for all members of the G20 group.
