The cryptocurrency market has been witnessing ups and downs for the last few days. Recently the market had seen a big crash, which was followed by a bounceback in the market and the rise in the price of Bitcoin, Dogecoin and many other blockchains and crypto coins, but on Thursday the crypto market slipped again. However, it is still more than the all-time low price reached in the recent crash. The price of bitcoin in India still remains around 31 lakh rupees. DodgeCoin saw a rise in the last few days, but today it is also trading around 26 rupees.
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.
Reuters reports 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 also one of the reasons why 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.