New Delhi: Global cryptocurrency market capitalization reached $2.19 trillion from $2.14 trillion over the last 24 hours. However, the cryptocurrency trading volume suffered a fall to $78.4 billion from $105.39 billion on Sunday.
Bitcoin witnessed a surge of over 1% to stand at Rs 37,27,275 while the second famous crypto, Ethereum increased by 2.5% to reach Rs 3,13,539.
Apart from the major cryptocurrencies, Avalanche jumped over 6% to Rs 9,150. Meanwhile, Polkadot increased over 3% to stand at Rs 2,022.99 and Litecoin surged about 2% to Rs 11,846.45 over the last day.
Notably, having over 40% share, Bitcoin dominated the cryptomarket capitalization chart, followed by Ethereum at 21% and Binance coin at 4%.
The previous week, the cryptocurrency market suffered continuous downfall, the first time since year-long gains and high records. Bitcoin and other major cryptos suffered a blow after investors began dumping mining equipment following China’s crackdown on the cryptocurrency.
The Chinese government announced regulations and a ban on crypto mining in Sichuan province. China’s crackdown on crypto mining initiated a chain effect that resulted in the drop of the market value. Besides, Chinese banks are also advised to pull support of crypto transactions completely.
Governments all across the world are proposing to ban cryptocurrency, however, leaving some exceptions to create panic among investors. Also, the Indian government’s statement regarding the banning of cryptocurrency in India as well as regulating Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 to be presented in the parliament has effect the drop in market value. Finance Minister Nirmala Sitaraman’s statement that India has no plans to include cryptocurrency as currency affected the market.
Meanwhile, according to the Times of India, the Rajkot crime branch of Gujarat arrested two people from Surat for supposedly duping 17 people of Rs 38 lakh by surfacing a ponzi scheme involving cryptocurrency. The police stated that the mastermind of the ponzi scheme was based in Dubai.
The report further stated that four accused had floated ponzi scheme in September 2020 and lured people into investing in crypto.