Bitcoin price in India today INR: Bad news for investors of cryptocurrencies; here is why
Bitcoin price in India today INR: There are about 15 cryptocurrency exchanges that have started trading in the digital currencies space now.
Bitcoin price in India today INR: The cryptocurrency market today was one hotbed of activity as investors removed their money, with Bitcoin tumbling below $11,000 and other coins like Ripple, Ethereum, Bitcoin Cash and Litecoin following the negative trend. As per CoinMarketCap data, Bitcoin plunged by 5.10% in 24 hours, and was available at $10,594.70, while Ethereum slipped by 6.65% and was trading at $785.72, Bitcoin Cash at $1,160.80 down by 6.04% and Litecoin at $191.06 below 6.90%.
Ripple, which was the best performer since Monday, also faced investors’ heat, as it reached below $1-mark. The data showed that Ripple was trading at $0.907219 lower by 5.47%. However, Ripple saw the most movement in its coin compared to the above mentioned digital currency. So far on this day, a total of 39,091,956,706 Ripple were circulated.
A Cryptocurrency exchange namely Coinbase has reportedly announced the launch of its first-ever weighted index fund. Asiff Hirji, CEO of Coinbase, stated that this index would help investors get exposure to the "crypto-assets we offer on our exchange," including bitcoin, bitcoin cash, ethereum and litecoin. The decision to launch the index was influenced by cryptocurrency investors’ stronger interest expressed over the past year. While global cryptocurrency exchanges are boosting investors for trading in Bitcoin, two cryptocurrency exchanges in India have halted trading due fear of government crackdown.
On Monday, BTCXIndia, which operates as a platform for buying and selling ripple, and ETHEXIndia, which helps users trade ethereum, stopped processing transactions for clients.
Indian government as well as the Reserve Bank of India (RBI) have warned investors trading in cryptocurrencies, and have asked them to do so at their own risk. The government is yet to formulate any proper policy for Bitcoin trading.
Meanwhile, considering the performance of above mentioned currency, in India on Wednesday, one Bitcoin is valued at Rs 6,87,437.11, while Ethereum at Rs 50,981.44, Ripple at Rs 58.88, Bitcoin Cash at Rs 75,336.50 and Litecoin at Rs 12,399.89.
It may be noted that Indian startups are using initial coin offerings (ICOs) as a medium to raise funds. According to an accounting firm EY, despite no regulation around this space, startups have managed to raise as much as $200 million in a single round of funding through ICOs. In 2017 alone, startups globally raised around $3.7 billion, a Times of India report said.
There is a love for cryptocurrencies among Indian citizens, and there are about 15 cryptocurrency exchanges that have started allowing trading in the above mentioned digital currencies.
These exchanges offer 'Buy' and 'Sell' call on these coins.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.