The value of cryptocurrency is declining every day.
The cryptocurrency market has experienced a journey from 200 billion to 100 billion in a single day.
The market cap of the cryptocurrency has dropped by 35 to 40 per cent in the last few weeks.
Currencies like Bitcoin and Ethereum are now down one-third from their highs.
Over the past week, most cryptocurrencies have reported double-digit declines.
Cryptocurrency is currently a major international concern. Virtual currency depreciation is affecting many developed countries. As a result, even large investors are moving away from it.
At the same time, the atmosphere in India has become turbulent due to this currency. Prime Minister Narendra Modi's government is pushing for a ban on foreign private cryptocurrencies. For this, a new bill is being introduced in the ongoing winter session of Parliament. But the process of making it a law is becoming somewhat time consuming. At the governmental level, dissent is being expressed about possible bans on cryptocurrency.
On the one hand, the value of various leading cryptocurrencies is declining with each transaction. On the other hand, the market capitalization of the virtual currency market is also on the rise. The virtual currency has been weakening for the past few weeks and the market capitalization has been declining rapidly.
The cryptocurrency market has experienced a journey from 200 billion to 100 billion in a single day. Kinmarketcap has observed that the market cap is declining rapidly. Though the price of crypto is declining, there are no other complementary items for its purchase, said Dilip Senberg, chief executive of ThinkChain.
Citing Bitcoin's ₹ 48,000 value, Hitesh Malviya, founder of Its BlackChench, said investors need to be more careful when dealing with risk management strategies. Considering the current low opportunity, it has been suggested to avoid the temptation to buy cryptocurrency. This, of course, is supported by the uncertainty surrounding the validity of cryptocurrency.