According to the Indian cryptocurrency exchange WazirX, the price of Bitcoin (BTC) in India was hovering around Rs 33 lakhs till the time of writing the news. After the cryptocurrency market crashed on Wednesday, all cryptocurrencies are now returning to their prices a few days back. At the moment it is difficult to say whether the market will see a boom or fall back in the coming days. At the time of writing the news, the price of Ethereum (ETH) in India was around Rs 2.3 lakhs and the price of Dogecoin (DOGE) in India was seen around 30 rupees. Apart from this, the price of Ripple (XRP) in India was around Rs 97.5.
On Wednesday, the price of Bitcoin fell by almost 30 percent. In April this year, Bitcoin achieved an all-time high, which was $ 64,800 (about Rs 51 lakh). Certainly yesterday was a dark day for bitcoin investors, but today the crypto market is seeing back lows.
Let us know that there was news from China on Tuesday that the Chinese government has banned China Banned Cryptocurrency Payments from providing services related to cryptocurrency transactions to financial institutions and payment companies and warns investors against crypto trading Is also given. In such a situation, institutions like Chinese banks and online payment channels can no longer provide customers with services such as registration, trading, settlement and clearing in cryptocurrencies. This could also be a major reason for the market crash tomorrow.
In addition, recently, Elon Musk, the second richest man in the world, also caused a lot of confusion in the market through his tweet. Musk first announced by tweeting that his electric car manufacturer Tesla would take Bitcoin as payment, and in less than a week he took a U-turn with the decision, tweeting that the company would no longer be Bitcoin due to environmental impact Will take. He then talked with the Dogecoin manufacturer to make energy architecture better and efficient, which led to investors’ interest in DodgeCoin. Similarly, investors’ dilemma increased with Allen’s tweet one after the other and this could be one of the reasons why the market crashed somewhere.
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