Crypto Market in Profit, Bitcoin down More than 3 Percent

The volatility in Japan’s stock market for the last few days and the tension between some other countries is having a big impact on the crypto market. The price of Bitcoin, the largest cryptocurrency in terms of market capitalization, fell by about 3.25 percent to around $57,261 on international exchanges like CoinMarketCap. Bitcoin fell by about 1.54 percent on Indian exchanges and was trading at around $61,733. Crypto analysts say that its price may recover due to increased buying by whales in the fall.

The second largest cryptocurrency Ether There was a gain of 4.37 percent. Its price was around $ 2,415. The prices of Avalanche, Cardano, Tron, Polkadot, Solana and Ripple have increased. The cryptocurrencies that declined included Binance Coin, USD Coin, Iota and Circuits of Value. The market capitalization of crypto was up by about 2.65 percent to around $ 2.02 trillion.

Vikram Subburaj, CEO of crypto exchange Giottus, said, “The share of bitcoin has increased significantly and has exceeded 57 percent. Bitcoin whales bought about 30,000 bitcoins during the market fall earlier this week. With this, there are signs of recovery in the crypto market. The main reasons behind this are the activity of whales and increased institutional interest.”

The government has no plans to regulate this segment in the country. The European Union (EU) and UAE have made rules for the crypto segment. Earlier this week, 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 in the near future. 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.”