Indian cryptocurrency exchange WazirX accordinglyTill writing the news, the price of Bitcoin (BTC) in India was running around Rs 33 lakh. After the crash of the cryptocurrency market on Wednesday, all cryptocurrencies are now returning to their prices a few days ago. At the moment it is difficult to say whether the market will see an uptrend or a fall back in the coming days. Till writing the news, the price of Ethereum (ETH) in India was seen around Rs 2.3 lakh and Dogecoin (DOGE) was seen around Rs 30 in India. Moreover, the price of Ripple (XRP) in India was around Rs 97.5.
On Wednesday, the price of bitcoin saw a drop of about 30 percent. In April this year, Bitcoin had achieved an all-time high, which was $ 64,800 (about Rs 51 lakh). Tomorrow was certainly a dark day for bitcoin investors, but today the crypto market is looking back to lows.
Let us tell you that on Tuesday, there was news from China that the Chinese government has banned financial institutions and payment companies from providing services related to cryptocurrency transactions and warned investors against crypto trading. also given. In such a situation, institutions such as China’s banks and online payment channels can no longer provide services such as registration, trading, settlement and clearing in cryptocurrencies to customers. This can also be a major reason for the market crash tomorrow.
Apart from this, recently Elon Musk, the world’s second richest man, also created a lot of confusion in the market through his tweet. Musk first announced by tweeting that his electric car maker Tesla would take bitcoin as payment, and less than a week later, he made the decision. U turn Took and tweeted that the company will not take bitcoin for the time being due to environmental impact. He then teamed up with Dogecoin creators to make the Energy architecture better and more efficient, leading to investor interest in Dogecoin. Similarly, with one tweet after another by Allen, the confusion of investors increased and this could be one of the many reasons for the market crash somewhere.