Bitcoin falls to $45,534 as cryptos remain bearish for second day

ISLAMABAD, (TLTP): The cryptocurrency market remained bearish for the second straight day on Saturday, with the market capitalisation decreasing 0.3 percent to reach $2.18 trillion as of 1315 hours GMT.
The price of bitcoin (BTC), the largest cryptocurrency, shed 0.70 percent to reach $45,534. With this decrease in price, the market capitalisation of the biggest cryptocurrency dropped to $856.6 billion.
Likewise, ethereum (ETH) price went down by 0.95 percent to reach $3,324. With this decrease in price, the market capitalisation of ETH has reached $389.6 billion.
However, XRP inched up by gaining 1.12 percent to reach $1.10. The market capitalisation of XRP stands at $110 billion after this increase.
Following suit, cardano (ADA) gained 11.89 percent to reach $2.74. Its market capitalisation has reached $88.5 billion after this increase.
On the other hand, dogecoin (Doge) price went down by 0.01 percent to reach $0.246. With this decrease in price, the market capitalisation of doge has reached $32.2 billion.
Meanwhile, India is reportedly working on a new way to regulate cryptocurrencies. “The government is planning to define cryptocurrencies in the new draft bill that also proposes to compartmentalise virtual currencies on the basis of their use cases,” according to a media report.
According to details, cryptocurrencies will be treated as an asset/commodity for all purposes, including taxation and as per use case — payments, investment or utility. Crypto assets can be either categorized on the basis of the technology they use or they can be defined on their end-use. In addition, the government will decide which cryptocurrencies will be allowed to trade in India.
This would be the first time cryptocurrencies will be categorised by the technology they use and the government will focus on the end-use of the asset for regulatory purposes.

Leave a Comment