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The Cryptocurrency The market saw some profit taking on Thursday, ending its two-day winning streak. in cryptocurrency, Bitcoin Today, the price fell below $37,000 after breaking through the $39,000 level for the first time in two weeks. The world’s most popular and largest cryptocurrency by market capitalization is down 4.40 percent at $36972.60. Bitcoin is down more than 16 percent since the beginning of this year (YTD), while it has nearly halved from its all-time high of $69,000 last November by 50 percent. Expectations of monetary policy tightening helped spur a downward slowdown last month in Cryptocurrency origins.
Elsewhere, Ether, the coin tied to the Ethereum blockchain and the second largest cryptocurrency, was trading in the red 3.34 percent to $2,683.88, according to Coinmarketcap.com. Similarly, Binance Coin is also down 4 percent at $366.
Dogecoin price is also down nearly 4 percent to $0.13, while Shiba Inu is trading less than 5 percent at $0.000021. Other cryptocurrencies like XRP, Stellar, Avalanche, Cardano, Solana, Polygon and Terra are also down as well. Prices have been trading with cuts in the 4-9 percent range for the past 24 hours.
In the latest news, India’s finance minister said on Wednesday that cryptocurrencies will never become legal tender, only the digital rupee issued by the Reserve Bank of India (RBI) will be the legal tender. “The digital rupee will be backed by the RBI that will never default. The rest are all not legal tender, and will never become legal tender. Bitcoin or Ethereum or any image of a representative that becomes NFT will never become legal tender.”
On the other hand, Finance Minister TV Sumanathan said that the digital rupee, which Finance Minister Nirmala Sitharaman announced its upcoming launch during the budget speech on February 1, is a safe investment option. “The digital currency will be backed by the Reserve Bank of India (RBI) which will never be virtual. The money will be from the Reserve Bank of India but the nature will be digital. The digital rupee issued by the RBI will be legal tender. The rest are all not legal tender, they will never become legal tender. legal.” Income tax will be charged at 30 percent.
Here are the top 10 cryptocurrencies and their prices on February 2, 2022 (data from coinmarketcap.com at the time this article was published)
Bitcoin $36,972.60 or 4.40% loss in the last 24 hours
Ethereum $2683.88 or 3.34 percent loss in the last 24 hours
Cardano $1.10 or 4.28 percent loss in the last 24 hours
Assess a loss of $1.00 or 0.00 percent 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 of $68.08, or 7.21 percent loss in the past 24 hours
Binance $1.00 or 0.20 percent loss in the last 24 hours
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