The prices of Bitcoin, Dogecoin, and other popular cryptocurrencies such as Ethereum, Matic and Binance Coin fell sharply on Wednesday (May 19), leading to an unmanageable trading boom on Indian exchanges. Bitcoin is the world’s largest and most popular cryptocurrency, with a market value of over US$1 trillion (about Rs 73,000,000 crore), and it trades close to US$30,000 (about Rs 22 trillion) at around 7 p.m. IST Wednesday. A number is very dangerous-data from Binance, a global cryptocurrency exchange that also operates WazirX in India, shows that the index fell by 21% before showing a rapid recovery. The price of Dogecoin has fallen even more, falling to a low of XX US dollars (about 19 rupees) and has only partially recovered so far.
According to Coinbase data over the past 24 hours refreshed at 12:30 IST today, the entire cryptocurrency market has fallen by nearly 10%. Although Bitcoin quickly rebounded to close to $40,000 (approximately 2.9 million rupees) in trading volume-completely recovered from the 24-hour decline, partly due to a tweet by Elon Musk last night suggesting that Sla has always insisted on his strategy-Dogecoin fell by 11 points. According to the latest data, the price is $0.35 (approximately 26 rupees). The trading volume on Coinbase in the last 24 hours also shows that Ether is the second largest cryptocurrency after Bitcoin. The transaction price fell by 9% to US$2,700 (approximately Rs 1,96,576). Binance Coin (BNB) The trading price fell 15% to US$356 (approximately 26,000 rupees), and Ripple (XRP) fell 19% to US$364 (approximately 26,600 rupees).
It is said that the latest development affecting the decline of the cryptocurrency market is China’s announcement of a ban on cryptocurrency trading. The blanket ban prohibits banks and other online payment platforms from providing any services related to cryptocurrencies in the country. China has banned cryptocurrency exchanges, but it has not yet banned individuals from holding digital assets.
Immediately after cryptocurrency supporters (including “Dogefather” Musk), people began to worry about the environmental impact of cryptocurrency mining. In a recent U-turn that had a significant impact on the prices of Bitcoin and Ether, he announced that Tesla will no longer accept Bitcoin as payment for Tesla cars until a solution to the huge energy required for its mining is found. . Although he recently stated that he is working with Dogecoin developers to improve the transaction efficiency of their mining (also known as mining, because dogs don’t mine but mine), the recent downturn in the cryptocurrency market has not been spared to include Ripple Compared with Bitcoin and Ethereum, the main digital asset (XPR), which requires much less energy for mining.
Market observers and cryptocurrency supporters believe that the recent decline is more a healthy market adjustment than a crash.Siddharth Menon, co-founder of Indian cryptocurrency exchange WazirX Tweet In the context of the fall in cryptocurrency prices on Wednesday, market adjustment is a good thing. In any case, Bitcoin, which is supported by many people including Twitter CEO Jack Dorsey, has fallen by about 40% from its all-time high of $64,804 (approximately 4.74 million rupees) in April this year.