New Delhi First posted on Dec 9, 2021 at 10:53 AM IST
Amidst India’s move to pass tough legislation on cryptocurrency, the cryptocurrency market has experienced a turbulent period. To put things into perspective, bitcoin – the world’s largest cryptocurrency – is down 25 percent over a month. If Bitcoin is considered around the clock, 2,000 rupees have been forfeited every sixty minutes. At the moment, the price of Bitcoin is below $50,000. On the other hand, the bitcoin price exceeded $68,990 on November 9; It was at an all-time high. Bitcoin price has fallen by more than $19,000. In terms of the Indian currency, this is a drop of 14,32,457 rupees.
At the same time, the value of Ethereum – the second largest cryptocurrency in the world – saw a jump of more than 2 percent. Ethereum price reached $4,490 in the last 24 hours of trading. Last month, Ethereum provided negative returns of 6.5 percent to investors. Around November 10, the price of Ethereum reached an all-time high of $4,865.57.
So read: Cryptocurrency Bill 2021: What the Modi government is really planning
Kotak Mahindra-WazirX Partnership
Kotak Mahindra reportedly became the first major bank in India to partner with cryptocurrency traders after deciding to open an account with exchange WazirX to receive and pay money to those trading on the exchange. This is despite warnings from the Reserve Bank of India about the unexpected impact of cryptocurrency on the existing currency-driven financial system. As a reminder, in 2019, the Supreme Court overturned the decision made a year ago by the Reserve Bank of India (RBI) regarding banning banks from supporting crypto transactions.
Visa Launches Crypto Consulting
Meanwhile, reports have surfaced that Visa Inc, the world’s largest payment processor, has started a global cryptocurrency advisory service for banks and merchants as well. Media reports stated that Visa’s decision was the result of unprecedented investor demand for crypto services. The services that Visa is said to offer include educating organizations about cryptocurrencies, helping manage back-end operations and allowing customers to use the payment processor network for digital offerings.
Last updated on December 9, 2021 10:55 AM IST