Bitcoin Sees Minor loss, Solana Increases More than 6 Percent

Bitcoin, the largest cryptocurrency in terms of market value, was down slightly on Friday. Its price was around $61,637 on international exchanges like CoinMarketCap and around $66,860 on Indian exchanges like WazirX. The crypto community was expecting the issue of cryptocurrencies to be included in the television debate between US President Joe Biden and Donald Trump but this did not happen.

The price of Ether has fallen by 0.09 percent. It was around $3,448 on international exchanges and a little over $3,700 on Indian exchanges. Solana was up 6.24 percent. Its price was around $145. The prices of Avalanche, Cardano and Binance Coin have also increased. In the last one day Crypto Market capitalization of was up 1.39 percent to about $2.28 trillion.

Rajagopal Menon, vice president of crypto exchange WazirX, told Gadgets360, “Bitcoin had gained due to the expectation that the issue of cryptocurrencies would be raised in the debate between Biden and Trump in the US, but there was no mention of it in the debate, which may affect the price of bitcoin. Bitcoin is showing signs of recession. Analysts predict that it may remain bearish for a few weeks. The upcoming launch of Ethereum’s ETF could be a big change in the market.”

Recently, the US crypto exchange Binance was fined $22.5 lakh (about Rs 18.8 crore) in the country. The Financial Intelligence Unit (FIU) had said that this fine has been imposed for not complying with the Prevention of Money Laundering Act (PMLA) Act. Crypto-related firms have to follow this law for business in the country. FIU had said in a statement that Binance was issued a notice and questions were raised about providing services to the citizens of the country without complying with the PMLA law. In this notice, the exchange was asked why action should not be taken against it for not complying with the duties under this law. Binance had given its answer to this. The allegations against Binance were found to be correct. After this, the Director of FIU, using his powers under Section 13 of PMLA, imposed a fine of Rs 18.82 lakh on the exchange.