Top Cryptocurrency news today: Know about Bitcoin slump, crypto bill, and lot more

Here are some of the important cryptocurrencies stories that you would like to know:

Value of Bitcoin falls as coronavirus variant shakes market

Bitcoin suffered a downfall of almost 8% on November 26 after the new, potentially-resistant coronavirus variant emerged in South Africa. This resulted in investors “dump riskier assets for the perceived safety of bond, the yen, and the dollar.” Bitcoin slumped at least by 7.8% to $54,377, which is the lowest since Oct 12.

Smaller coins slumped over new coronavirus variant

With the fall in the value of Bitcoin, other smaller coins have also witnessed a fall on November 26, after the discovery of the new coronavirus variant. Ether was last priced at $3,924 which suffered a fall of almost 20% since its record high hit on November 10.

Cryptocurrency Bill | Are we asking the right question?

As it is known that the Indian government is likely to introduce a bill on cryptocurrency in the winter session of the Parliament, mostly the experts address that they will deal with the regulatory framework of crypto usage in India. Thus to understand the qualities of a good regulatory framework, we have to be unambiguous as possible. This means that there has to be clarity on what activities are permitted, prohibited, or the penalties for violation. Secondly, the regulator, that is a State body should behold the power to detect a violation, and after being detected its ability to bring the violators to book.

El Salvador’s adoption of Bitcoin a concern says Bank of England chief Andrew Bailey

According to the Bank of England chief Andrew Bailey, El Salvador’s decision to adopt Bitcoin as the currency is “concerning” as the consumers “will probably be caught out by its volatility,” reported Bloomberg. “It concerns me that a country would choose it as its national currency. What would worry me most of all is, do the citizens of El Salvador understand the nature and volatility of the currency they have,” stated Bailey while addressing the Cambridge University students union.