Crypto Market in Red, Bitcoin Price More than USD 57,000, Ether, Solana, Litecoin

Bitcoin, the largest cryptocurrency in terms of market capitalization, fell by about 0.77 percent on Friday. The price of bitcoin fell to $57,854 on international exchanges and around $60,708 on Indian exchanges like CoinSwitch. The producer price index (PPI) and unemployment rate in the US being higher than expected has also increased volatility in the crypto market.

Ether was down by about 0.70 percent on international exchanges Ether The price of was around $2,350 and $2,484 on Indian exchanges. According to Gadgets360’s crypto price tracker, the prices of USD Coin, Tron, Solana, Bitcoin SV, Elrond and Stellar also declined. The market capitalization of crypto was down by about 0.49 percent to around $2.04 trillion in the past one day.

Shivam Thakral, CEO of crypto exchange BuyUcoin, told Gadgets360, “Traders are willing to take more risk, which is indicating an increase in volatility. The market sentiment is positive due to increased institutional demand.” The Federal Reserve is to meet in the US next week and a 0.25 percent cut in interest rates may be announced in it.

Despite high taxes in the country, investors are increasingly interested in cryptocurrencies. This is the second consecutive year that India has a high ranking in the world for investment in cryptocurrencies. However, in the last few months, regulators have also taken strict steps against some firms in this segment. Blockchain analytics firm Chainalysis has reported in a report that the use of centralized exchanges and decentralized finance assets has increased in the country between June last year and July this year. The central government has taken a tough stand against the crypto segment in the country since 2018. At the end of last year, nine offshore crypto exchanges were issued show cause notices by the Financial Intelligence Unit (FIU) for not complying with the rules. Recently, Binance, one of the big crypto exchanges, received a notice to pay GST of Rs 772 crore in the country. After this, Binance reiterated its commitment to comply with the laws of the country.