Bitcoin, Solana, Other Cryptocurrencies Fall Today

According to CoinMarketCap, the world’s largest cryptocurrency market capitalization dropped 0.58 percent to $56,607.05, as of November 24, at 0800 hours. On Wednesday, the Bitcoin price fell to its lowest level in over a month. On November 24, the most used cryptocurrency fell to $55,460.96. The cryptocurrency market was under pressure due to end-of-year profit-booking and increasing selling pressure.

According to CoinMarketCap, the world’s largest cryptocurrency market capitalization dropped 0.58 percent to $56,607.05, at 0800 on November 24, according to CoinMarketCap. The upcoming winter session will see the introduction of a bill that would ban all private cryptocurrencies in India. There are also some expectations to promote blockchain technology. However, it does allow for some exceptions to promote cryptocurrency’s underlying technology and its uses.

India’s central bank plans to create its own digital currency. It stated that the Reserve Bank of India would create a framework to facilitate the creation of the official digital currency. The Lok Sabha bulletin didn’t provide any additional details on the Cryptocurrency and Regulation of Official Digital Currency Bill (2021).

The news about India’s ban on private cryptocurrency was causing the crypto markets to slide. Bitcoin maintained its position at $57,000. The daily timeframe of the Bitcoin trend shows retesting support at $57,000 to $58,000 levels. WazirX Trade desk stated that if Bitcoin falls further, the next support level will be at $53,000.

In the last 24 hours, Cardano, Solana and XRP saw a sharp drop. Solana fell 2.18 percent at $215.86, while Cardano dropped 6.64 percent at $1.68. XRP fell 1.40 percent to $1.04. Ether has gained over the past 24 hours.

Sources from the central government had earlier stated that they were looking into “forward-looking, progressive” regulation. PM Modi addressed the Sydney Dialogue on Emerging, Critical, and Cyber Technologies, where he said: “Take cryptocurrency or bitcoin, for instance. All democratic nations must work together to ensure that this technology does not fall into the wrong hands. This could lead to the destruction of our youth.

A sharp rise in interest has seen many people invest in digital currencies. According to Broker Chooser, the country has more than 10 million crypto owners worldwide. “The cryptocurrency market has seen a strange mix of ups, downs over the past 24 hours. The global market was largely stable, but the Indian cryptocurrency market had big news. India’s cryptocurrency bill would be up for discussion during the winter session. Reports suggested that India might ban private cryptocurrencies.

According to Edul Patel (CEO and co-founder of Mudrex- A Global Crypto Trading Platform), Indian cryptocurrency exchanges witnessed a large number of people liquidating their positions or transferring assets to other global platforms.

Alex Alena

Alex Alena has been the lead news writer at Cryptocurrency Updates. With a degree in communications, Matt has an uncanny ability to make the most complex subject matter easy to understand.