The cryptocurrency market saw some gains on Thursday, ending its two-day winning streak. In cryptocurrencies, Bitcoin price fell below $37,000 today, after crossing the $39,000 level for the first time in two weeks. The world’s most popular and largest cryptocurrency by market cap fell 4.40 percent to $36,972.60. Bitcoin is down more than 16 percent since the beginning of this year (year-to-date or YTD), while it has nearly halved from its all-time high of $69,000 in November after 50 percent. Expectations of monetary policy tightening helped fuel a bearish downturn in cryptocurrency assets last month.
Elsewhere, Ether, the coin linked to the ethereum blockchain and the second-largest cryptocurrency, traded in reds at 3.34 percent to $2,683.88, according to Coinmarketcap.com. Similarly, Binance Coin also fell 4 percent to $366.
The price of Dogecoin also fell nearly 4 percent to $0.13, while Shiba Inu traded more than 5 percent lower at $0.000021. in the range of 4-9 percent over the past 24 hours.
In another news release, India’s finance minister said on Wednesday that cryptos will never become legal tender, only the digital rupee issued by the Reserve Bank of India (RBI) would be the legal tender. “The digital rupee is backed by RBI, which will never default. The rest is not, will not, will never be legal tender. Bitcoin, Ethereum or any picture of Actor becoming NFT will never become legal tender,” he said.
On the other hand, the digital rupee, whose imminent launch was announced by Finance Minister Nirmala Sitharaman during her Feb. 1 budget speech, is a safe option for investment, Finance Minister TV Somanathan said. “Digital currency is backed by RBI, which will never be a standard. Money will be from RBI, but nature will be digital. Digital rupee issued by RBI will be legal tender. Rest all is not legal tender, will not, will never become legal tender,” he reiterated. Apart from the digital rupee, another major announcement from the finance minister on Feb. 1 related to the tax on income from virtual assets. is taxed at 30 percent.
Here are the top 10 cryptocurrencies and their prices as of February 2, 2022 (data from coinmarketcap.com at the time of publishing this article)
Bitcoin $36,972.60 or 4.40 percent loss in the last 24 hours
Ethereum $2,683.88 or 3.34 percent loss in the last 24 hours
Cardano $1.10 or 4.28 percent loss in the last 24 hours
Tether $1.00 or 0.00 percent loss in the last 24 hours
Terra $47.84 or 8.96 percent loss in the last 24 hours
XRP $0.602 or 4.10 percent loss in the last 24 hours
Solana $99.66 or 9.43 percent loss in the last 24 hours
Avalanche $68.08 or 7.21 percent loss in the last 24 hours
Binance $1.00 or 0.20 percent loss in the last 24 hours
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