Friday, Sep 30, 2022
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India’s Internet And Mobile Body Decides To Distance Itseft From BACC, Bitcoin Falls

The price of Bitcoin fell by 0.40 per cent in the last 24 hours, Ethereum down by 0.30 per cent.

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India’s Internet And Mobile Body Decides To Distance Itseft From BACC, Bitcoin Falls

The Internet and Mobile Association of India (IAMAI) has disbanded the Blockchain and Crypto Assets Council (BACC), which was set up to represent cryptocurrency exchanges before authorities, such as the Reserve Bank of India (RBI) and other important government institutions, the Economic Times reported. According to the report, IAMAI has decided to distance itself from cryptocurrency.

Over a dozen cryptocurrency and Blockchain companies used the industry association, BACC, as an umbrella organisation to communicate with the government. It included prominent cryptocurrency exchanges, such as WazirX, CoinDCX, and CoinSwitch Kuber.

In other news, crypto investing app, CoinSwitch, in association with Startup Karnataka, a Government of Karnataka initiative, and Member of Parliament (Bangalore South) Tejasvi Surya, is organising a Blockchain hackathon, Building Future Cities on August 5-6, 2022. It aims to recognise and stimulate Blockchain-based solutions to everyday problems faced by India’s 1.2 billion people. 

The hackathon is also supported by Sequoia India.

“The world is looking up to India. Under the able leadership of Prime Minister Narendra Modi, India has brought about a digital revolution that has touched every corner of this country. We are now ready for the next big technological leap to build a Blockchain-powered India. I am delighted to partner with CoinSwitch for a first-of-its-kind Blockchain hackathon and sow the seeds of India’s future in Bengaluru,” said Surya.

Crypto Prices

The price of Bitcoin (BTC) fell by 0.40 per cent in the last 24 hours, and it was trading at $19,740.16 at 4:45 pm. According to data from Coinmarketcap.com, its dominance in the crypto market is currently at 42.68 per cent, down by 0.14 per cent in the last 24 hours.

Ethereum (ETH) was trading at $1,084.20, down by 0.30 per cent, while Binance Coin (BNB) was up by 0.10 per cent in the last 24 hours, and it was trading at $229.06. Solana (SOL) was down by 0.16 per cent to $33.89, while Cardano (ADA) was down by 0.32 per cent to $0.4214.

Meme Coins

Dogecoin was trading at 4:45 pm, down by 0.16 per cent on Coinmarketcap.com. Its rival, Shiba Inu, was trading in the red at $0.00001024. Samoyedcoin was down by 0.21 per cent, and it was trading at $0.008263, while Dogelon Mars was down by 0.44 per cent, and it was trading at $0.000000297. 

Overall Scenario

According to Coinmarketcap.com, the global crypto market cap was at $885.76 billion, an increase of 0.50 per cent in the last 24 hours, while the total crypto market volume was $76.26 billion, registering an increase of 36.8 per cent.

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