Bitcoin in Minor Loss, Crypto Market Seeing Volatility before US Presidential Election

Bitcoin, the largest cryptocurrency by market capitalization, had a loss of about 0.62 percent on Wednesday. The price of Bitcoin on international exchanges was around $67,095 and on Indian exchanges it was around $68,029. There is volatility in the crypto market before the presidential elections in America.

The second biggest decline was in Ether by 1.14 percent. on international exchanges Ethereum The price was down 1.14 percent at $2,613 and around $2,657 on Indian exchanges. Apart from this, the prices of Solana and Cardano have also decreased. In the last one day, the market capitalization of crypto declined by about 0.75 percent to about $ 2.31 trillion.

Avinash Shekhar, CEO of crypto exchange BuyUcoin, told Gadgets360, “There has been a slight decline in Bitcoin over the past day. However, the crypto market is rising. There has been an inflow of about $2.2 billion into ETFs of Bitcoin and Ethereum in the last week. This indicates growing interest from institutional investors in this segment. The outlook for Bitcoin and other cryptocurrencies is positive.” Despite high taxes in the country, investors’ interest in cryptocurrencies is increasing. This is the second consecutive year in which India has a high ranking in the world for investment in cryptocurrencies. However, in the last few months, regulators have taken strict action against some firms in this segment.

Recently, blockchain analytics firm Chainalysis has stated in a report that the use of centralized exchange and decentralized finance assets has increased in the country between June last year and July this year. The central government has taken a tough stance against the crypto segment in the country since 2018. Late last year, nine offshore crypto exchanges were issued show cause notices by the Financial Intelligence Unit (FIU) for non-compliance with regulations. Binance, one of the big crypto exchanges, had received a notice to pay GST worth Rs 772 crore in the country. After this Binance reiterated its commitment to comply with the laws of the country. A notice was issued to this American exchange by the Directorate General of GST Intelligence (DGGI). Earlier this year, Binance’s business was temporarily banned in the country. The reason for this was that this exchange was not registered with FIU.