BTC, ETH See Tiny Gains, Cryptocurrencies Step into December Riding on Volatility
Bitcoin on December 1, Thursday, opened trading with a small gain of 1.02 percent. The overall crypto market resembled a mix-bag of reds and greens, with more cryptocurrencies reflecting small profits. As per Gadgets 360’s crypto price tracker, BTC is currently priced $17,152 (roughly Rs. 13.9 lakh). The oldest crypto asset trailed on a similar trajectory on international exchanges like Binance and Coinbase as well. Overall, BTC did grow by $252 (roughly Rs. 20,438) in the last 24 hours.
Ether continued to see small profits, closely following Bitcoin’s market movement. With a hike of 0.73 percent, ETH is presently priced $1,286 (roughly Rs. 1.04 lakh).
Cardano, Polygon, Solana, Tron, and Uniswap also made it to the list of cryptocurrencies that saw profits.
Avalanche, Chainlink, LEO, Wrapped Bitcoin, and Monero also reeled-in gains.
Meanwhile, stablecoins pegged against the US dollar, like Tether, Binance USD, and USD Coin recorded slashes in their respective prices.
Dogecoin and Shiba Inu also broke their profit-bagging streak, nearly after four days, and settled with losses.
The overall crypto market rose in value by 1.17 percent in the last 24 hours. As per CoinMarketCap, the global crypto market valuation stands at $862 billion (roughly Rs. 69,92,701 crore).
In the backdrop of this market turmoil, India is moving forward with its digital rupee CBDC trials.
Starting today, India’s CBDC is stepping into its retail trial phase with select merchants in select locations.
“The CBDC has some inherent benefits, being a sovereign currency. The primary advantage is that it ensures settlement finality and reduces settlement risks in the financial system. The e-rupee offers the public enhanced access to digital money. It could also provide a robust and safe foundation for private sector innovations to meet the current and future demands for payment services,” Jaya Vaidhyanathan, CEO, fintech firm BCT Digital told Gadgets 360, commenting on India’s CBDC development.
More countries, meanwhile, are accelerating efforts to regulate the crypto sector to make the industry safer.
Brazil, for instance, is set to give its crypto bill the final nod of approval before it becomes a law in the coming days.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.