Market Goes Green Over Positive News On Regulation

The global crypto market capitalisation declined 0.41 percent over the last 24 hours to stand at $2.60 trillion. Bitcoin saw a fall in its market dominance by about 0.07 percent over the last day to stand at 41.04 percent.

The total cryptocurrency trading volume over the last 24 hours was $115.29 billion, falling by 5.93 percent. While DeFi ($14.74 billion) accounted for 12.78 percent of the total crypto volume, stablecoins ($89.17 billion) made for 77.34 percent of the crypto market’s 24-hour market volume.

Bitcoin is trading at Rs 44,55,317, up 3.13 percent.

Other major cryptocurrencies like Ethereum (Rs 3,56,265.8) rose by 9.32 percent and Binance Coin (Rs 48,450) by around 4.96 percent. On the other hand, Polkadot (Rs 57.59) shrank by 6.48 percent over the last 24-hours.

Memecoins SHIB also rose around 10.76 percent while DOGE rose by 7.0 percent.

A Cabinet note circulated by the government on the upcoming cryptocurrency bill has spelt positive news for crypto investors and the industry, suggesting regulation, rather than banning private cryptocurrency. The note, defining cryptocurrency as a crypto asset will be under the regulatory purview of the Securities and Exchange Board of India (SEBI).

A cut-off date will be prescribed for those having crypto assets to declare the same and bring it under the crypto exchange platforms. However, there is no provision to recognise it as a legal currency, something the government has made clear time and again.

The proposed virtual currency by the Reserve Bank of India (RBI) has not been clubbed with the new crypto bill. However, the central bank will regulate issues related to cryptocurrency.

As of 8:05 am on December 3, these were the prices of various cryptocurrencies (Data from WazirX)