Crypto Market Seeing Volatility Before Election in US, Bitcoin Price More than USD 67,760, Ether declines More than 1 Percent

There is volatility in the crypto market before the presidential election in America. However, Bitcoin, the largest cryptocurrency by market capitalization, was down 0.40 percent. Its price on international exchanges was around $67,767 and on Indian exchanges it was around $69,022.

There was a loss of about 1.20 percent in Ether. on Indian exchanges Ethereum The price was trading around $2,569 and around $2,489 on international exchanges. Apart from this, the prices of Solana, Polkadot, Cardano, Ripple, Near Protocol and Cronos have decreased. The market capitalization of crypto increased by about 0.34 percent in the last one day to about $ 2.32 trillion.

“Bitcoin’s close above $68,000 could be a clear signal for a breakout. Total holdings of Bitcoin ETFs could soon exceed 1 million Bitcoins,” the markets desk at crypto app CoinSwitch told Gadgets360. Cases of fraud are also increasing in the crypto segment. To curb this problem, recently the United Nations Office on Drugs and Crime (UNODC) suggested imposing penalties on unlicensed crypto firms. UNODC estimates that crypto-related scams caused losses of approximately $37 billion in Southeast Asia last year. Social media is also used in these scams.

UNODC has advised the governments of the countries of Southeast Asia to be more vigilant and take measures to prevent cases of crypto-related scams. Recently, the Delhi High Court had ordered the Ministry of Communications to remove 38 websites imitating a crypto firm. Crypto firm Mudrex had filed a petition in the High Court demanding action against fake websites. Mudrex users had informed about being scammed through these websites. Earlier, the security of a multi-signature wallet of crypto exchange WazirX was breached. About $240 million (about Rs 1,965 crore) was suspiciously sent from this exchange to a new address linked to the controversial crypto mixer platform, Tornado Cash.