The price of Ether, the second largest cryptocurrency, was down 3.97 percent at around $1,973. Apart from this, there was also a decrease in the prices of Tether, Ripple, Solana, USD Coin, Tron, Chainlink, Polkadot, Litecoin, Stellar, Monero, Cronos and Binance USD. In the last one day, the market capitalization of crypto declined by 2.11 percent to about $ 1.36 trillion. Due to the possibility of approval for Bitcoin Spot ETF from the securities regulator in America, its price had increased by more than 40 percent in the last few weeks.
CoinSwitch’s Markets Desk told Gadgets 360, “There has been a big decline in the crypto market in the last one day. The price of Bitcoin has fallen below $ 36,000. The next support level for it is $ 33,500. If Bitcoin maintains this If so, then there will be a bullish trend in it.” Earlier this week, Bitcoin touched a monthly high of around $37,100. However, there has been a decline since then.
Bitcoin touched a high of around $68,000 two years ago. Since then there was a huge decline in its price. Investors had to suffer huge losses due to this. The market also declined due to the bankruptcy of some crypto firms. Recently, Prime Minister Narendra Modi had expressed the need to make rules for the crypto segment. He said that there is a need to maintain pace with the development of technology. Earlier, the Finance Ministry and the Reserve Bank of India (RBI) had also favored making rules for crypto. RBI believes that there is no strong value associated with cryptocurrencies and hence it should be banned. In some countries, rules are being made for the crypto segment. This may reduce the cases of scams in this market. Making rules for this segment may also increase the number of investors.