At the time of writing the news, the price of bitcoin on the Indian cryptocurrency exchange WazirX was around Rs 31 lakh. However, when the market opened, it was trading at around Rs 27 lakh. Something similar happened with the coin Ether of the Ethereum blockchain. On Thursday morning, the price of Ethereum in India was trading around Rs 2 lakh, down about 8 percent, but its price was at Rs 2.2 lakh till the time of writing the news. Both coins are above the recent crash, but are well below their record prices in April.
The Reuters report says that while some analysts say the decline feels relatively modest compared to recent volatility, the market remains under the scanner as regulators and Tesla boss Elon Musk’s interest in and influence on cryptocurrencies continue. There will still be risk in the market.
Last week, China banned its financial institutions and payment companies from providing cryptocurrency-related transactions or any other form of service. This simply means that banks and online payment channels can no longer offer any services related to cryptocurrency to customers.
volatility in the cryptocurrency market China alone cannot be held responsible for this. This decline was being seen for the last several weeks. Two weeks ago, Elon Musk, the owner of electric car maker Tesla and the world’s second richest man, announced that Tesla would now use bitcoin as a payment mode for the sale of its car due to environmental damage. will not accept. Whereas, about a week before this, Musk had approved the use of Bitcoin as a form of payment at Tesla. Somewhere, this is also one of the reasons why cryptocurrency investors got confused and badly affected the market
Not only this, Iran’s President Hassan Rouhani on Wednesday criticized the excessive energy consumption by cryptocurrencies like bitcoin. Mining banned for almost 4 months Fixed. Many cities of Iran are currently facing power crisis and this is the reason given behind this ban. So far this news has not seen a big impact in the crypto market, but it is certainly not good news for miners. Let us tell you that according to blockchain analytics firm Eliptic, about 4.5 percent of bitcoin mining takes place in Iran.