The crypto market has plummeted since the release of the Central Government’s Cryptocurrency Bill. All cryptocurrencies are currently trading in the red. On Tuesday, the government announced that the crypto bill would be introduced in the upcoming winter session. Following this announcement, all of the main cryptocurrencies went crazy, and investors lost a lot of money.
A drop of up to 25% is possible
In terms of cryptocurrency, the country has grown extremely tight. The digital currency has dropped by around 18 to 25 percent after the government’s declaration.
Bitcoin has lost 25% of its value
Let us inform you that bitcoin has dropped 25.07 percent on the Wazir X app as of 9 a.m. today. After this drop, bitcoin is now trading at $3460351. Aside from that, the USDT has dropped by 22.65%. USDT is currently trading at Rs 62.23 after this drop.
Apart from that, the most popular cryptocurrency, Ethereum, is down 22%. At the same time, the dog coin has lost 23% of its value. Matic is down 22.5 percent, Cordono is down 30%, Ripple is down 25%, and Solana is down 25%.
The law will be introduced by the Government of India
Let us inform you that the government may introduce the Cryptocurrency and Regulation of Official Digital Currency Bill 2021 during this winter session (Cryptocurrency and Regulation of Official Digital Currency Bill 2021). The framework for investing in and running government digital currency on behalf of RBI will also be included in this measure. Along with this, the government may be able to ease some of its technical requirements. The Lok Sabha’s bulletin will have complete information on this.
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