There is a huge drop in the crypto market due to the fear of ban in India

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There was a huge fall in the crypto market on Wednesday due to the fear of banning cryptocurrency by the central government in India. On crypto exchange CoinSwitch Kuber, the value of bitcoin was down by 25.51 percent to $46,601 (about Rs 34 lakh). However, the value of Bitcoin did not decline much internationally. Bitcoin was trading at $56,377 on CoinMarketCap. This is the first time in recent months that Bitcoin has fallen so much. Bitcoin touched an all-time high of $68,327.99 on November 9.

Ether was also down 20.83 percent at $3,622. The major fall in the two most valuable cryptocurrencies had an impact on other crypto tokens as well. The prices of Ripple, Polkadot, USDCoin, Dogecoin and Shiba Inu also declined significantly. There are reports that the government may bring a bill to ban all private cryptocurrencies in the country in the upcoming session of Parliament.

The government also plans to bring an official digital currency for the country. There was a plan to bring a similar bill in the budget session of Parliament but it could not be discussed. The report said that some exemptions may be given in the bill to promote technology related to cryptocurrency. The Winter Session of Parliament is to begin on November 29 and the Cryptocurrency and Regulation of Official Digital Currency Bill will be introduced in it.

According to an estimate, around 100 million people have cryptocurrency in the country. Prime Minister Narendra Modi’s government’s attempt to ban cryptocurrencies has worried investors in the country. Hashtags like #WazirX, #CoinDCX, #BlackBill and #CryptoBan are trending on Twitter.

In September, China also banned crypto-related activities. This caused a huge drop in the crypto market. The Chinese government had banned financial institutions from facilitating cryptocurrency-related transactions. Violation of this was warned of strict action. The ban in China on the mining of bitcoin had a major impact on the price of this world’s most traded cryptocurrency.

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