The price of Ether was at $3,104 with a loss of six percent. recently Ethereum Had made a high of more than $3,900. Apart from this, the prices of Avalanche, Solana, Binance Coin, Polkadot, Chainlink, Tron and Polygon have fallen. Some cryptocurrencies like Wrapped Bitcoin and Iota were marginally higher. In the last one day, the market capitalization of crypto had declined by about 5.75 percent to about $ 2.31 trillion.
Rajagopal Menon, vice president of crypto exchange WazirX, told Gadgets360, “Ether holding the $3,000 support level could lead to a recovery in its price. However, a fall below this level could send it to around $2,800.” “Solana’s price is down by more than 13 percent in a day. However, the huge bullish momentum in other layer-1 blockchains like Fantom is giving positive signals,” said the markets desk of crypto app CoinSwitch.
The central government continues to take a strict stance regarding cryptocurrencies in the country. Last week, Finance Minister Nirmala Sitharaman had said that cryptocurrencies are not considered or seen as ‘currency’. On the question of change in the government’s attitude towards this sector after the recent boom in the crypto market, Sitharaman said, “The government has always believed that the assets created on crypto should be used for trading and many other things. They can be used as assets. We have not regulated them. This is the central government’s position.” There was a lot of growth in the crypto market after the Bitcoin Spot ETF got approval from the securities regulator in America. Funding in these ETFs is continuously increasing. Recently, capital market regulator SEBI had said that due to ease of transactions, a large number of investors from the stock market may turn to cryptocurrencies.