November is finally at the end, but there is no end to the bitcoin news. In this article, we will know about the top news of bitcoin for November 2022.
Bitcoin is Trading above 48 lakhs
The price of bitcoin has continued to be in the red zone. You will be shocked to know that a currency market that was nowhere to be found is not at a market cap of 192.05 lakhs crore. It was the case when the market saw a decrease on the last day. The volume of transactions has increased in the last 24 hours. The current price of a bitcoin token stands at Rs. 48,03,838. Bitcoin is the world’s first and the most known cryptocurrency.
Undoubtedly, the price of cryptocurrency is volatile, but how it has been fluctuating in the last couple of days can cause investors to worry. On November 16, the price of digital currency fell by more than 4%. The extended decline can also be due to the coming of the bitcoin update.
Bitcoin Fell at $60,000
Most people know about cryptocurrency just because of the name bitcoin. It is the world’s largest and the most-known cryptocurrency. The currency fell by more than 4% last week to reach a low of $60,000. The decline is also attributed to the new update that arrived last week. When checked last, its value was $60,350. It has taken losses from $69,000.
Ether, the second-biggest and another famous cryptocurrency after bitcoin was also down by almost 4.5%. The present value of Ether is $4355.4. As per many crypto analysts, there is no major news that can attribute to a fall in the value of Ether. The potential online reason can be the move driven by profit-taking after the sharp run-up.
India’s Stand on Bitcoin
Being one of the most populated countries globally, bitcoin traders were excited about India’s take on bitcoin. The standing finance committee was discussing the potential of bitcoin in India. But they were talking about the regulatory challenges with the industry representative.
As per industry experts, they were seeing a silver lining. No doubt there needs to be an open dialogue about the legitimacy of bitcoin. But concerns are also being discussed. The move towards bitcoin is going in the right direction when it comes to India.
As per experts at MoneyControl, cryptocurrency can’t be stopped. But it needs proper regulation. All these points were discussed in the parliamentary panel in India. Jayant Sinha chaired the meeting.
He also met the representatives of the crypto exchange and crypto-assets. Currently, discussions are underway, and the government will meet the stakeholders to discuss all regulatory challenges related to cryptocurrency in India.
Harmful crypto mining by China
In the negative news concerning bitcoin, the value of the cryptocurrency fell because China took on harmful crypto mining issues. In past years too, China has been quite hostile, taking a stand on cryptocurrency mining. As per them, the bitcoin mining industry consumes lots of energy, and it can be pretty harmful to the world and the planet.
Following the path can also endanger China’s efforts to reduce the level of carbon emission. The government in China is also planning to raise the electricity cost for businesses abusing and misusing the subsidized electricity cost. China is quite stern about this action. But, before China takes these decisions, bitcoin is already facing criticism for being harmful to the environment.
India can Permit Bitcoin Holding
As per shocking news, India can bar all types of transactions in Bitcoin. But there are speculations that the government can regulate bitcoin just like it regulated the shares, bonds, and other assets.
Thus, if bitcoin is legalized in India, we won’t use it for transactional purposes. In addition to this, SEBI can also be given the power to regulate bitcoin and other cryptocurrencies.
You can visit the Official Site to get exciting and regular news related to bitcoin. If you are new to the world of bitcoin or cryptocurrency, this platform can be pretty helpful to you. Let us know if you want news like this.