Saturday, Jul 02, 2022
Outlook Money

India's Standing Committee on Finance 'Chides' Crypto Industry, Bitcoin Falls

The price of Bitcoin fell by 9.51 per cent in the last 24 hours, while Ethereum fell by 8.66 per cent

On May 6, the Parliamentary Standing Committee on Finance (SCOF) met with members from the cryptocurrency business in Bengaluru.

The Parliamentary Standing Committee on Finance (SCOF) met with the representatives of the crypto industry in Bengaluru on May 6. The Committee was unhappy with the industry's focus on “advocacy” rather than a plan to deal with risks like terrorism financing, among others, the BBC quoted sources as saying.

According to Coindesk, the Committee also asked industry representatives to present a model for regulation, names of crypto-related companies, and concrete plans to mitigate cross-border terrorism and money laundering. The Committee reminded them that this meeting was to focus on overall regulatory policy rather than individual industry concerns about new tax rules.

In other development, Starbucks has plans to launch a series of NFT collections. Users will be able to buy Starbucks NFTs to gain access to the global Starbucks community. Members will enjoy exclusive coffee-related experiences and benefits. The company is also readying itself to enter the Web3 space via the 'Starbucks Web3 Digital Community'.

According to Forbes India, Starbucks plans to enter the NFT arena before the end of 2022. The Web3 community platform provides an additional source of business for stakeholders. The Starbucks app is the second-largest mobile payments app in the US, after Apple Pay. The company said it would choose any blockchain that is fast and inexpensive.

Crypto Prices 

The price of Bitcoin in the cryptocurrency market fell by 9.51 per cent in the last 24 hours, and it was trading at $35815.05 at 5:30 pm IST. According to, its dominance in the crypto market is currently at 41.47 per cent, down by 0.44 per cent in the last 24 hours.

In the last 24 hours, Ethereum (ETH) was trading at $2,674.83, and it fell by 8.66 per cent, while Binance Coin (BNB) fell by 7.46 per cent in the same period, and was trading at $376.23. Solana (SOL) was down by 12.08 per cent to $81.39, while Cardano (ADA) was down by 9.73 per cent to $0.7835.

Meme Coins

At 5:30 p.m., Dogecoin was trading at $0.1266 on, down by 6.38 per cent. Its rival, Shiba Inu, was down by 7.21 per cent, and was trading at $0.00001983. Samoyedcoin was down by 11.14 per cent, and it was trading at $0.01262, while Dogelon Mars was down by 8.66 per cent, and it was trading at $0.0000008488.

Overall Scenario

According to, the global crypto market cap was at $1.64 trillion, a decrease of 8.62 per cent in the last 24 hours, while the total crypto market volume was at $124.31 billion, an increase of 34.60 per cent.

FAIRY FOREST was the biggest gainer, gaining 1,292.34 per cent. It was trading at $0.001083 at 5:30 pm, according to Coinmarketcap. In contrast, UNITED BITCOIN (UBTC) witnessed the maximum loss and fell by 94.26 per cent. It was trading at $0.0386.