Friday, Jul 01, 2022
Outlook.com

Govt May Introduce Crypto Bill In Upcoming Budget Session; Solana Rises Over 11%

Bitcoin prices rose 1.81 per cent in the last 24 hours, while Ethereum was up 4.92 per cent.

The government of India is now reworking the proposed cryptocurrency regulation and is likely introduce it only in the Budget session in February 2022, Business Today reported today. "Discussions are ongoing and key issues like the treatment of private cryptocurrencies, the rationale of regulation and global practices is being looked into once again," Business Today TV quoted a senior government functionary. 

Meanwhile, mainstream and meme coins rose on December 16, cryptocurrency data provider coinmarketcap.com showed. The price of Bitcoin (BTC) was up 1.81 per cent in the last 24 hours and was trading at $49,144.44 at 5:30 pm. Bitcoin’s dominance in the crypto market is currently at 40.78 per cent, down 0.73 per cent in the last 24 hours.

Ethereum (ETH) was trading at $4,062.49 and rose 4.92 per cent in the last 24 hours, while Binance Coin (BNB) was up 2.88 per cent over the same period and was trading at $542.88. Solana (SOL) rose by a steep 11.98 per cent to $186.12, but Cardano (ADA) rose by 5.58 per cent to $1.32.

Meme Coins

Dogecoin (DOGE), Shiba Inu (SHIB), Dogelon Mars (ELON), and Samoyedcoin (SAMO) saw their prices rising in the last 24 hours.

Dogecoin witnessed a rise of 1.52 per cent and was trading at $0.1825 at 5:30 pm. Rival Shiba Inu was up by 0.62 per cent and was trading at $0.00003399, Dogelon Mars rose by 2.04 per cent and was trading at $0.000001183, while Samoyedcoin was trading at $0.04273 and recorded a rise of 6.40 per cent.

Overall Scenario

The global crypto market cap was $2.28 trillion, registering an increase of 3.86 per cent in the last 24 hours, while the total crypto market volume was $116.42 billion, up by 22.82 per cent.

Anti-Lockdown (FREE) became the biggest gainer, recording a rise of 1696.23 per cent; it was trading at $0.009439 at 5:30 pm. On the other hand, Spice Dao (SPICE) witnessed maximum loss, falling 100 per cent; it was trading at $0. 

 

Latest Updates

Thailand's government is preparing a new regulatory framework for cryptocurrencies like Bitcoin in order to minimise risks and improve investor protection, Cointelegraph reported. 

The Bank of Thailand (BoT) will release a consultation paper in January that will define “red lines for the crypto industry", Cointelegraph quoted a December 14 interview of governor Sethaput Suthiwartnarueput with The Bangkok Post.

“We want to ensure that we strike the right balance between allowing financial innovation and managing risks,” the official stated. The new rules will provide adequate safeguards for consumers as “risks are under-appreciated” currently, Sethaput said.

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