2021-12-10 05:34:00

Top cryptocurrency prices today: Bitcoin, Ethereum, Terra shed up 9%

New Delhi: The cryptocurrency cart saw another round of selling on Friday. Ahead of the weekend, investors took money off the table in Bitcoin and Ethereum which dented sentiments for other altcoins.

Barring the dollar-pegged stablecoins and XRP, seven out of the top 10 digital tokens were trading lower at 9.30 IST. Terra tanked over 9 per cent while Ethereum and Solana shed over per cent each.

The global crypto market-cap declined about 4 per cent to $2.27 trillion mark compared to the last day. However, the total crypto market volume gained over 2 per cent to $104.65 billion.

The largest cryptocurrency by market capitalization, Bitcoin, faced a bit of a sell-off and hovered around the $48,000 mark and ETH too fell lower, said Edul Patel, CEO and Co-founder of Mudrex. “If Ethereum falls below the crucial support at $4,000, we might see a major dip across the altcoins,” he added.

What’s cooking in India

Prime Minister Narendra Modi will take a final decision on the regulatory framework for cryptocurrencies amid conflicting views among stakeholders, two persons familiar with the development said.

A high-level meeting was held on Thursday to consider all the options, including the concerns voiced by the Reserve Bank of India.

The Confederation of Indian Industries (CII) on Thursday suggested the government treat the crypto tokens as ‘securities’ of a special class.

The industry body’s suggestion comes when the government is set to introduce the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, in the Winter Session of Parliament.

Expert’s Take
Bitcoin and Ethereum fell as concerns of a Evergrande collapse having a contagion effect on markets resurfaced despite the store of value properties which many associate with crypto, said CoinDCX Research Team.

“Yesterday’s sell-off was a clear indication that crypto is still being traded largely as risk assets. While it remains to be seen what the end of year price action would be like, with the overall market sentiment remaining shaky,” it added.

Former Reserve Bank of India Governor Duvvuri Subbarao has said the central bank could lose control over money supply and inflation management if cryptocurrency is allowed in the country.

NFT update
Non-fungible tokens or NFTs could run into trouble over their classification and legality in the country as the government looks to define and regulate cryptocurrencies through a new regulation.

Discussions are ongoing between crypto stakeholders and government officials on how to regulate NFTs, which are a transferable store of value and can be moved abroad digitally, said two people aware of the developments.

The government is looking to categorize cryptocurrencies as commodities, but many feel that calling NFTs the same could only create more complications.

(Views and recommendations given in this section are the analysts’ own and do not represent those of ETMarkets.com. Please consult your financial adviser before taking any position in the asset/s mentioned.)

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