Crypto Market in Red, Bitcoin, Ether Prices Increase

There has been a lot of volatility in the crypto market for the last few weeks. The reason behind this is the tension between some countries and other macroeconomic reasons. Bitcoin, the largest cryptocurrency in terms of market capitalization, had a profit of about 0.91 percent on Monday. Its price was in the range of $ 58,502 to about $ 63,320 on Indian and international exchanges.

Ether was up by about 1.50 percent. Its price was around $2,418. Apart from this, Solana, USD Coin and Tron are also bullish. Cryptocurrencies were included. The market capitalization of crypto was down by 4.17 percent in the past one day to around $2.05 trillion.

The market desk of crypto app CoinDCX told Gadgets360, “The crypto market was down this weekend. Bitcoin has been down for almost five months and it may break out soon. After crossing $67,000, bitcoin can reach $71,000. There are signs of volatility this week. The release of CPI and PPI data in the US will be the major reasons behind this.” Crypto firms in the country are waiting for a regulatory framework to grow their business in a safe and legal manner. However, the central government has no plans to regulate this segment. The European Union (EU) and UAE have made rules for the crypto segment.

Recently, in a written reply in the Lok Sabha, Minister of State for Finance Pankaj Chaudhary had said that there is no proposal to make a law to regulate the purchase and sale of virtual assets in the near future. MP GM Harish Balayogi had questioned the government’s stand on this segment. He had asked whether the government has any proposal to bring rules to regulate the crypto segment. In response to this, Chaudhary had said, “There is no proposal to bring a law to regulate the purchase and sale of virtual digital assets. However, the Financial Intelligence Unit (FIU) has been authorized for special purposes of surveillance such as anti-money laundering.” During its presidency of the G20 last year, India collaborated with the International Monetary Fund (IMF) and the Financial Stability Board (FSB) to draft a crypto-related law for the members of the G20 group.