Bitcoin-Ether sluggish, but stablecoins showed bullishness, know the latest situation of the crypto market

The month of August is half over and the volatility in cryptocurrency prices continues. Bitcoin, the world’s most popular cryptocurrency, started trading with a fall of 1.37 percent on Tuesday. According to the Indian exchange Coinswitch Kuber, the price of bitcoin is $ 25,837 (about 20 lakh rupees). Bitcoin posted a slightly bigger drop on international exchanges. According to Binance and CoinMarketCap, bitcoin was trading at $24,088 (about Rs 19 lakh), down 3.31 percent.

Ether, the world’s second most popular cryptocurrency, also appeared to follow the path of bitcoin. According to Gadgets 360’s crypto price tracker, ETH is currently priced at $2,055 (approximately Rs 1.63 lakh) with a loss of 3.88 per cent.

Shiba Inu, Polygon, Uniswap, Litecoin, Chainlink and Cosmos also suffered. However, stablecoins like Binance USD, USD Coin and Tether have managed to see little profits. Dodgecoin, Binance Coin and Ripple have also gained marginally. According to CoinMarketCap, the global crypto market cap currently stands at $1.14 trillion, down 3.30 percent from the previous day.

As the country celebrated 75th Independence Day on Monday, crypto community insiders urged the government and the people of the country to keep an open mind about cryptocurrencies. Speaking to Gadgets 360, Roshan Mohamed, former chief scientist of Unocoin and current head of crypto-focused fintech firm GoSats, said he believes in regulators to draft positive regulations in the country.

It is worth noting that the cryptocurrency business has grown rapidly in the past few years. Last year in India more than seven percent people had digital currency in the form of cryptocurrency. According to UNCTAD, a UN trade organization, the use of cryptocurrencies has increased worldwide, including in developing countries, during the Corona epidemic. However, this segment also has problems like tax evasion and money laundering.

Recently, UNCTAD has released the data of the top 20 countries holding digital currencies last year. Ukraine ranks first in this. About 12.7 percent of Ukraine’s population had a digital currency. India is at the seventh position in this list. However, UNCTAD states that cryptocurrencies are a volatile financial asset and can cause social risks as well as financial losses.

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