Crypto Bill In India May Be Deferred; Bitcoin, Dogecoin Falling Continues

The much-awaited Cryptocurrency Bill is likely not to be presented in the ongoing winter session of Parliament as the Centre has not yet finalized the details of its legislation, news agency Bloomberg reported on Monday. Meanwhile, prices of mainstream and meme coins fell on December 20 at 5:00 pm, data of Coinmarketcap.com showed.

The price of Bitcoin (BTC) was down 2.01 per cent in the last 24 hours and was trading at $46,107.44 at 5:00 pm IST. Bitcoin’s dominance in the crypto market is currently at 40.58 per cent, up 0.19 per cent in the last 24 hours.

Ethereum (ETH) was trading at $3,814.17 and fell 2.52 per cent in the last 24 hours, while Binance Coin (BNB) was down 3.52 per cent over the same period and was trading at $515.07. Solana (SOL) fell by a steep 5.91 per cent to $172.95 and Cardano (ADA) fell by 3.86 per cent to $1.22.

Meme Coins

All major meme coins such as Dogecoin (DOGE), Shiba Inu (SHIB), Dogelon Mars (ELON), and Samoyedcoin (SAMO) faced a fall in their price in the last 24 hours.

Dogecoin witnessed a fall of 3.92 per cent and was trading at $0.1643 at 5:00 pm. Rival Shiba Inu was down by 6.82 per cent and was trading at $0.00002946, Dogelon Mars fell by 4.54 per cent and was trading at $0.000001005, while Samoyedcoin was trading at $0.04002 and recorded a fall of 5.97 per cent.

Overall Scenario

The global crypto market cap was $2.15 trillion, registering an decrease of 2.54 per cent in the last 24 hours, while the total crypto market volume was $86.43 billion, up by 15.53 per cent.

Andromeda (M31) became the biggest gainer, recording a rise of 10910.40 per cent; it was trading at $0.1474 at 5:00 pm. On the other hand, WANAMOON (MOON) witnessed maximum loss, falling 78.96 per cent; it was trading at $0.00004935. 

Latest Updates

Crypto bill may not be tabled in the ongoing session of the Parliament, as Indian Prime Minister Narendra Modi’s cabinet wants wider consultations on the matter before finalising the rules to govern digital currencies and there isn’t enough time as the current session ends December 23, Bloomberg reported.

The Dubai World Trade Centre (DWTC) will become a crypto zone and regulator for cryptocurrencies and other virtual assets, NDTV cited the report of Dubai Media Office. 

“Rigorous standards for investor protection, anti-money laundering, combating the financing of terrorism, compliance and cross border deal flow tracing,” will be developed, NDTV quoted the statement.