/ Discover the latest in the crypto world as major cryptocurrencies turn red amid India’s regulatory actions. Bitcoin dips, while altcoins like Kaspa and Bonk show surprising bullish trends.
Author: Nilesh Hembade.
Date: 29 Dec 2023, 11:05 AM IST
Crypto Market Update: Bitcoin and Other Major Cryptocurrencies Turn Red After Indian Govt Gives Notice to Big Crypto Exchanges
December 29, 2023
In a surprising turn of events, the crypto market is experiencing a wave of bearish sentiments this Friday morning, primarily triggered by significant developments in India. The Indian government has issued a notice to enforce a shadow ban on major cryptocurrency exchanges, including industry giants like Binance, Kucoin, Huobi, Kraken, Gate, Bittrex, Bitstamp, MEXC, and Bitfinex. The Financial Intelligence Unit India (FIU IND) is set to ban the URLs of these nine crypto exchanges, as reported by CoinGape.
Bitcoin and Ethereum Price Overview:
As a consequence of the unsettling news, major cryptocurrencies are seeing a dip in their prices.
- Bitcoin (BTC): The price of Bitcoin (BTC) has slipped by -1.52%, currently standing at $42,621 in the last 24 hours. Despite the drop, the market cap of Bitcoin remains formidable at $835 billion.
- Ethereum (ETH): Ethereum (ETH) is trading at $2,349, reflecting a decrease of -2.12% in the last 24 hours. The market cap for Ethereum stands at $282 billion.
Bullish Momentum in Alternative Coins:
Despite the overall market downturn, some altcoins are defying the trend and showcasing bullish strength.
1) Kaspa (KAS):
The proof-of-work (POW) cryptocurrency, Kaspa (KAS), is experiencing a notable surge in its price. Over the last 24 hours, the price of KAS has risen by +8.15%, reaching $0.1195. The market cap for Kaspa stands impressively at $2.63 billion, demonstrating a weekly surge of +2.43%.
2) Bonk (BONK):
The popular memecoin, Bonk (BONK), is making headlines today after a recent market dip. Showing resilience, Bonk has recorded a price of $0.00001497, marking a gain of +8.15% in the last 24 hours. The market cap for Bonk is currently at $916 million.
Investors are closely monitoring these developments as the crypto market navigates through this unexpected twist, fueled by regulatory actions in one of the world’s largest potential crypto markets, India.
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