Bitcoin price | Crypto ban: Dogecoin, Bitcoin crash up to 20% on domestic exchanges as India moves to ban cryptocurrencies


NEW DELHI: Cryptocurrency counters in the Indian exchanges plunged sharply after the reports said the government is coming out with a bill that will ban most private tokens.

In rupee terms, Bitcoin fell as much as 17 per cent, Ethereum was down 14 per cent, Dogecoin over 20 per cent and Polkadot 14 per cent. Even dollar-pegged token Tether was down nearly 17 per cent, data available at WazirX showed.

“We’re awaiting further details on the bill that is going to be presented in the winter session of the Parliament. There have been many positive steps taken by the government to learn and understand crypto and its impact on all stakeholders- investors, exchanges, policymakers. So, we’re looking forward to a crypto bill that takes into consideration all the inputs from those discussions,” said Avinash Shekhar, Co-CEO, ZebPay.



Earlier, a government bulletin said the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 seeks to prohibit all private cryptocurrencies in India. However, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses.

“This is a big moment for India. From a banking ban in 2018 to listing the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 in the Parliament’s winter session. Our nation has come a long way in these 3 years! It speaks volumes about how India is determined to dominate the web 3.0 era,” said a hopeful Nischal Shetty, Founder, WazirX.

Prices were relatively stable in the international market. According to CoinMarketCap, Bitcoin and XRP fell 1 per cent each and Cardano 7 per cent in dollar terms. Other top tokens like Binance Coin, Ethereum and Polkadot were trading with gains.

The global crypto market cap was down 0.36 per cent to the $2.56 trillion mark compared to the last day. However, the total crypto market volume zoomed about 9 per cent to $126.32 billion.

Tech view by ZebPay Trade Desk

Polygon (MATIC) has seen an impressive rally over the past 24 hours, up 8 per cent, and currently trades at $1.70. The asset has a market capitalization of $12 billion and is ranked 20. In a new announcement, Binance listed PlayDapp (PLA), a blockchain gaming platform that is built on and utilizes both the Ethereum and Polygon networks to host a growing roster of interoperable games, and this is likely to have caused the uptrend in MATIC.

Agencies

Matic has been trading in a downtrend for the past month and the prices have plunged almost by 35 per cent from their recent top of $2.2 and made the low of $1.443. However, the asset took support at the crucial level of $1.48 (61.8 per cent Fibonacci Retracement Level) and is showing signs of recovery. Matic has a strong resistance zone from $1.74 to $1.78, once the breakout occurs above these levels with good volumes then we may expect a strong rally and the asset may surge up to the $2 mark.

image-2Agencies

(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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