“As China continues its crackdown on bitcoin mining, headwinds continue,” CryptoCompare said. “Spot volume has decreased as a result of both lower prices and volatility.” Bitcoin price in India on July 12 at 5:20 pm 25.12 lakh till IST (IST).
The largest cryptocurrency, Bitcoin, is down more than 6% in the past month. Due to which it touched its lowest level since January. The reason was that the authorities in China tightened restrictions on bitcoin trading and mining that were introduced a month ago. It had fallen 35 per cent in May. Its losses were compounded by Beijing’s decisions to rein in the fast-growing sector. Crypto trading volumes tend to increase during periods of extreme price swings.
CryptoCompare said major cryptocurrency exchange Binance, which has faced scrutiny from regulators around the world, has maintained its position as the largest platform by spot trading volume. Yet Binance’s volume fell 56 percent to $668 billion (about Rs 49,84,780 crore) in June.
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