Bitcoin, Ethereum prices continue to fall, Meme Coins Shiba Inu, Dogecoin Also In The Red

Bitcoin plunged to $47,000 after sorting of recovery on Monday morning. Bitcoin (BTC) saw a fall of 4.24 per cent in the last 24 hours and was trading at $47,479.26 at 5 pm, according to data from global crypto exchange coinmarketcap.com. Bitcoin’s dominance in the crypto market is currently 41.23 per cent with an increase of 1.08 per cent over the day.

The second largest coin by market capitalisation, Ethereum (ETH) has also witnessed a fall of 6.01 per cent in the last 24 hours and was trading at $3,958.30, while the third top coin by market cap Binance Coin (BNB) was still in red, with a fall of 5.71 per cent in the last 24 hours and was trading at $543.36 at 5 pm. Tether (USDT), the fourth in the list by market cap, was trading at $1, witnessing an increase of 0.09 per cent. Like other coins, Solana (SOL) recovered from the huge fall and was trading at $179.14 with fall of 9.87 per cent in the last 24 hours and was at the fifth position in the coinmarketcap list. 

Meme Coins

Tesla and SpaceX CEO Elon Musk came out in support of Dogecoin (DOGE) again on Twitter. However, his remark “Dooooge” in reply to an article published on CoinDesk did not alter the price of Dogecoin majorly. It witnessed a fall of 8.17 per cent in the last 24 hours and was trading at $0.1608 at 5 pm, according to coinmarketcap.com.

Rival Shiba Inu (SHIB) lost 11.27 per cent in the last 24 hours and was trading at $0.00003318 at 5 pm. Meanwhile, Dogelon Mars (ELON) has fallen by 20.2 per cent in the last 24 hours and was trading at $0.0000009681, while Hoge Finance (HOGE) was trading at $0.0002328 and recorded a fall of 22.96 per cent in the last 24 hours.

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Minister of State Finance Pankaj Chaudhary in reply in Loksabha mentioned that a Bill on Cryptocurrency and Regulation of Official Digital Currency is expected to be taken up during the seventh session of the seventeenth Lok Sabha. In the bill, the government plans to ban all private cryptocurrencies, "with certain exceptions." It is also seeking to build a framework for the adoption of a central bank digital currency (CBDC). A CBDC is introduced by central banks, as opposed to private players" he said.