Bitcoin price in India today: Know here about top 5 cryptocurrencies
In India, there are about 15 cryptocurrency exchanges that have started allowing trading in the virtual currencies.
Trading in cryptocurrency market was a mixed bag on Tuesday, after reports came in that South Korea is yet to decide on cryptocurrency market regulation. A senior government official said, "The government hasn`t made any conclusion yet. Sufficient consultations should come first."
The development reportedly affected trading in the top five cryptocurrencies like Bitcoin, Ethereum, Ripple, Bitcoin Cash and Litecoin.
In India, there are about 15 cryptocurrency exchanges that have started allowing trading in the above mentioned digital currency. These exchanges are offering 'Buy' and 'Sell' call on these coins.
Since the valuation of cryptocurrencies is best determined in USD, one needs to convert them into Indian rupee to know their appropriate valuation.
According to CoinMarket data, Bitcoin was trading at $10,348.10 down by 0.12% at around 1229 hours, while Ripple was trading at $0.952157 down 0.23% and Bitcoin Cash was at $1,253.58, below 0.08%.
Ethereum, which has witnessed uptick by 0.08%, was trading at $878.51 and Litecoin was available at $218.89, higher by 0.26%.
In Indian rupees, one Bitcoin is valued at Rs 6,71,182.94, while Ethereum is priced at Rs 56,980.60, Bitcoin Cash at Rs 81,313.47, Ripple at Rs 61.76 and Litecoin at Rs 14,197.31.
The Bitcoin exchanges available in India are Zebpay, Unicorn, Bitxoxo and Coinbase.
Zebpay, a leading cryptocurrency exchange in India, has launched trading in Ether as it is the second most popular cryptocurrency across the globe. Its market and trading value are only second to Bitcoin and it is quite favourable among crypto users.
"The existence of so many cryptocurrencies is because of the underlying technology of the Ethereum Blockchain," Nischint Sanghavi, Head of Exchange, Zebpay, said.
It may be noted that the government is against trading in crypto market, as it believes the practice would lead to tax evasion.
Meanwhile, Indian cryptocurrency exchanges have already adopted the KYC way to minimise the trading risks.
They have also developed a foundation called Digital Asset and Blockchain Foundation of India (DABFI) which decides the exchanges’ stand on various issues such as hard-forks.