Bitcoin up marginally, crypto coins including Ether, Dogecoin and Shiba Inu continue to rise

Bitcoin up marginally, crypto coins including Ether, Dogecoin and Shiba Inu continue to rise.

After a strong start to the week, the valuation of Bitcoin saw a sharp decline and is currently trading slightly above the $65,000 mark on global exchanges, while the world's most popular cryptocurrency is valued at $70,085 (approximately Rs. 52 approximately). lac) CoinSwitch Kuber on Indian Exchange.Although not much, it is an increase of 0.36 percent in the last 24 hours. The crypto asset reached a new all-time high on Tuesday to trade at $68,525 (approximately Rs 50.7 lakh) and has since struggled to trade at over $66,000 (approximately Rs 49.1 lakh) on global exchanges. , causing the resistance level to drop. Below the $65,000 mark (approximately Rs 48.3 lakh).

Bitcoin may have a weak weekend, but it hasn't hurt Ether's surge in the slightest. According to Gadgets 360's cryptocurrency price tracker, the second largest crypto asset by market capitalization reached a new all-time high of $4,840 (roughly Rs. Ether is currently trading near that price on CoinMarketCap at $4,765 (approximately Rs 3.5 lakh), up 2.99 percent from its 24-hour low. Also, Coinswitch Kuber has listed at $5,154 roughly Rs.

Both Dogecoin and Shiba Inu have also returned to the green, with the Shiba Inu rising 4.44 per cent, while the DOGE is trading up 1.05 per cent at $0.26 (approximately Rs 19.74).

“The cryptocurrency market has seen bears turn quite active over past 24 hours. The huge hype and  jump in trading volume was accompanied by profit booking through most of the top 20 cryptocurrencies. However, long-term investors have little access to such profit bookings. There is no reason to panic. It is quite common after the market hits new highs. We can expect the market to remain in the range in the coming few days." That is the claim of Edul Patel, CEO and co-founder of Mudrex, an algorithmic-based crypto investment platform.

The market, at the time of publication, was seeing its fair share of volatility, with Litecoin making the biggest gains during the day, up 7.48 percent to trade at $298 (roughly Rs.22,151). Ripple also saw gains, although Cardano, Tether and Polkadot saw red. But none of the coins saw a sharp drop.

Government officials in India have invited top crypto stakeholders for a meeting that is expected to be attended by partners from various crypto-based companies including Coinswitch Kuber, CoinDCX, WazirX, and the Crypto Assets Council (BACC). The Parliamentary Standing Committee on Finance will act as the host of the conference to be held on November 15.

The outcome of the meeting is expected to influence the drafting of the cryptocurrency bill, which will be presented to parliament later this year. The Reserve Bank of India (RBI) is also working on launching its official digital currency as a regulated "Central Bank Digital Currency (CBDC)" by the end of 2021.

On the subject of regulation, the US Securities and Exchange Commission (SEC) withheld registration for two new tokens – Ducat and Locke – issued by a decentralized autonomous organization (DAO) called the American Cryptofed DAO. The watchdog said in a statement that regulatory filings from the US Cryptofed DAO contain "materially misleading statements and omissions".