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Dogecoin and Shiba Inu also saw a fall and were trading at 5. The value of Cardano and XRP also fell. Meanwhile, in contrast, the Tether rose by 0. According to market experts, the fall in crypto prices was due to massive profit booking. The cryptocurrency market is likely to remain volatile for the next one or two days. Meng Wei, a spokesperson for the NDRC, said that risks from the production and trading of cryptos are becoming prominent and it has adverse effects on economic and social development, emission reduction and energy conservation.
In a letter to VHP leader, Union Deputy Director Currency Sanju Yadav said that all private cryptos are still not considered legal tender in India, but the Centre may come up with an official digital coin. Further, the committee was of the view that it would be advisable to have an open mind regarding the introduction of an official digital currency in India. On Monday, El Salvador announced a "Bitcoin City" and sought to raise money via a "Bitcoin bond" -- both firsts for the crypto world.
Some investors are pointing to these news items as signs that adoption is picking up. Total value locked refers to the amount of cryptocurrency locked within a given network. As we start the week, there are certainly some bright spots crypto bulls could get excited about. Adoption of the various mega-cap cryptocurrencies continues to pick up. And the fact that El Salvador is the first nation to take crypto seriously is another indication that these cryptocurrencies are going mainstream.
Dogecoin remains a top meme token, despite its recent sell-off. As such, traders seem to be taking a cautious approach. Investors know that volatility is the name of the game in the crypto space. Short-term momentum-driven rallies and declines are commonplace. Accordingly, the potential for the current pattern of price weakness to continue for some time is real.
They are the two largest cryptocurrencies by market capitalization, and as such, their performances can pull valuations across the sector higher or lower with them. Over the short term, it can be difficult to assess which direction the winds are blowing. However, a few catalysts materialized Monday that could support a longer-term bullish thesis, giving some crypto investors an incentive to buy this dip.
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The future of crypto needs to be user-focused. And we're doing everything we can to make that happen. Image. AM · Nov 16, ·Twitter Web App. It climbed another points today (Sept 23, ) when the market opened. aggressively up or down daily, as can be seen in the cryptocurrency market. From avoiding FOMO to having a plan, 5 key ways to manage a crypto down cycle Remember: Many investors today choose to move in and out of stable assets.