At the time of writing the news, the bitcoin price on the Indian cryptocurrency exchange WazirX (Bitcoin Price in India) was around 31 lakh rupees. However, it was trading at around Rs 27 lakh when the market opened. The same thing happened with the Ether of the Ethereum blockchain. Ethereum Price in India was down around 8 per cent to Rs 2 lakh on Thursday morning, but by the time of writing the news it was priced at Rs 2.2 lakh. Both tokens are above the recent crash, but well below their record prices in April.
The Reuters report says that some analysts say the decline feels relatively modest compared to recent volatility, but the regulators’ attention to the market is due to Tesla boss Elon Musk’s interest in and influence on cryptocurrencies There will still be risk in the market.
Last week China banned its financial institutions and payment companies from offering cryptocurrency-related transactions or any other type of service. This simply means that banks and online payment channels can no longer offer any cryptocurrency related services to customers.
China alone cannot be held responsible for the volatility in the cryptocurrency market. This decline was seen for the last several weeks. Two weeks ago Elon Musk, the owner of electric car maker Tesla and the second richest man in the world, announced that Tesla could now sell bitcoin as a payment mode for its car sales, given the environmental damage Will not accept. Whereas, about a week before this, Musk had approved Bitcoin to be used as a payment at Tesla. Somewhere, this is one of the reasons that cryptocurrency investors came in confusion and got a bad impression on the market.
Not only this, on Wednesday, Iran’s President Hassan Rouhani banned his mining for about 4 months due to excessive energy consumption by cryptocurrencies like bitcoin. Many cities in Iran are currently facing a power crisis and this is the reason behind the ban. So far this news has not seen a big impact in the crypto market, but it is certainly not good news for minors. According to the blockchain analytics firm Eliptic, about 4.5 percent of bitcoin mining takes place in Iran.
For the latest tech news, smartphone reviews and exclusive offers on popular mobiles, download the Gadgets 360 Android app and follow us on Google News.