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Crypto Market Crashes Amid News of Ban in India

Cryptocurrency price charts were marked in red today, November 24 due to the rumors that the Indian government are going to place a ban on Cryptocurrency

Ediomo Effiong

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The price charts of crypto in the crypto market were marked in red Today, November 24 due to the rumors that the Indian government are going to place a ban on cryptocurrency and the trading of cryptocurrencies in the country.

Crytocurrency and Bitcoin records a drop of 25.51 and $46,601 percent respectively on ‘Indian exchange CoinSwitch Kuber’. Meanwhile, oldest crypto all over the world still retains its value exceeding $50,000 and higher in India.

On the CoinMarketCap Bitcoin trade rate is presently $56,377 which is the first time that the prices of Bitcoin moved so low which was approximately $68,327.99 before.

Due to the shocking drop in Bitcoin, Ether registers a drop of about 20.83%  in its trade rate which is presently about $3,622 for one Ether.

The two most common and most high rated cryptocurrencies prices dropped amazingly in this season which led to the unstoppable drop in the price rate of the others.

Despite this, some few crytocurrencies still retains their value and records a minimal drop in their rate like the Doge Token and Floki Inu.

The issue has agrevated to the point that the Parliament agenda in India seeks a bill to stop all the private cryptocurrencies operating companies from continue their operations in India and wishes to introduce an official digital currency for India.

 

China also had an issue with crytocurrencies.

 

Related:

China Continues To Stompdown Cryptocurrency Operation in the Country

 

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Ediomo Effiong is a content writer, producer and blogger currently signed up with SmartcoreTech Media as an author and writer to express his creative and content writing skills.

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