Cryptocurrency news today: Most cryptos trading in red; Bitcoin, Solana experience rise

Most of the cryptocurrencies are trading in the red on November 14. The total cryptocurrency market volume is at $94.94 billion with a 19.89% decrease over the last day. Bitcoin is currently trading at $64,591, having dominance of 43.13%. On the other hand, Ethereum is trading around $4,600 with a market share of 19.4% share of the crypto market while Solana increased around 5.50% over the last 24 hours, trading at $238.

Currently, the total volume in DeFi is at $12.10 billion, experiencing a decrease of 12.75% of the total crypto 24-hour volume. The volume of the stable coins is priced at $72.63 billion, resulting in around 76% of the 24-hour trading volume.

Reportedly, Bitcoin is expected to receive the much-awaited Taproot upgrade activation this weekend. This is regarded as the most significant development since its block size increase in 2017.

It is believed that the upgrade will enhance its functionality, effectiveness, and also increase privacy by lowering transaction fees. This will serve to expand on the suits of tools available to developers building and iterating on bitcoin.

Discussions are going around introducing cryptocurrency regulations in India. Thus, on Saturday, PM Narendra Modi hosted a meeting with RBI Governor Shaktikanta Das and SEBI chairperson Ajay Tyagi and other officials on the account of understanding the impact of cryptocurrency on the financial sector of India.

Besides focussing on the unregulated crypto market that leads to the potential avenues for money laundering and terror financing, the government also stated the non-transparent and misleading nature of cryptocurrency advertisement that would misguide the youth into believing over-promising crypto as a high-return asset.

According to the reports, the cryptocurrency bill will likely be listed during the Budget session of the Parliament next year. Also, the government reiterated its commitment to shaping partnerships to eke out global strategies to meet the challenge of private, unregulated cryptocurrencies.