The price of Ether was down 1.79 percent at around $3,037. Apart from this, there was a fall in the prices of Tether, Ripple, Chainlink, Near Protocol, Cronos, Stellar and Polkadot. There has been some increase in Binance Coin, Solana, Tron, Polygon, EOS Coin and Litecoin. crypto The market capitalization of India was up by about 1.37 percent at about $ 2.47 trillion.
The markets desk of crypto app CoinSwitch told Gadgets360, “Bitcoin is in decline after the rally of the last few days. There is a balance between bulls and bears in the market. Ether is showing some strength. However, its ETF is seeing some strength in the next few days. Chances of acceptance are low. Bitcoin’s 200-day average price is moving towards its highest level in more than two years. The target for Ether is $8,000 by the end of the year. CoinDCX’s markets team said, “There are concerns about Mt. Gox’s plans to distribute cryptocurrencies, including Bitcoin, by October. This could create selling pressure in the market.”
The central government continues to maintain its strict attitude towards the crypto segment in India. Last month, Finance Minister Nirmala Sitharaman had said that cryptocurrencies are not considered or seen as ‘currency’ in the country. On the question of change in the government’s attitude towards this segment after the boom in the crypto market, Sitharaman said, “The government has always believed that assets created around crypto should be assets for trading and many other things. Can be used as. We have not regulated these currencies. There was a lot of growth in the crypto market after the Bitcoin Spot ETF got approval from the securities regulator in America. Earlier, capital market regulator SEBI had said that due to ease of transactions, a large number of investors from the stock market may move towards the crypto segment.