World number one cryptocurrency Bitcoin was trading lower at Rs 29,78,036, down 3.06% at 12:40 pm as on Thursday, June 17. The correction in Bitcoin seemed to have affected price movement of other cryptocurrencies too. Top Crypto coin and tokens were trading in red on Thursday. CoinSwitch Kuber, the Indian exchange that facilitates trading in cryptocurrencies in India, showed overall global market down by 2.20% on Thursday. Ethereum, Binance coin, Dogecoin, Shiba Inu, Polka Dot and all major coins were seen trading in red. Tether, number 3 on global ranking as per CoinSwitch, however, was trading marginally in green at Rs 75.7958, 0.01%. A week data shows this coin has been struggling and trading in the range of Rs 74 o Rs 81.
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Meanwhile, Ethereum was down 3.5 percent and was available at Rs 1,86320 per ETH.
Binance Coin that holds number 4 position globally as per the same data was also down 1.34% and was trading at Rs 27,450.86 per BNB.
Cardano (Rank 5): Rs 116.82613, own 2.13 %
Polka Dot (Rank 9): Rs 1,818.88, down 1.8%
Two very popular coins Dogecoin and Shiba Inu were also trading in negative territory. Dogecoin was trading 1.86% lower and was available at RS 23.803270 per Doge. Shiba Inu was down 8.72% on Thursday’s trading session after gaining over 20% on Wednesday, as per WazirX data. Earlier, the dog breed meme coin soared on the back of reports that suggested Shiba Inu has been listed on Coinbase Pro and expectation of getting listed on Robinhood exchange
As far as trading in cryptocurrencies in India rea concerned, the Reserve Bank of India (RBI), on May 31, RBI had earlier asked banks not to cite its 2018 circular that prohibited banks and NBFCs from dealing in crypto business. It said 2018 circular on cryptocurrencies has been set aside by the Supreme Court (SC) in March 2020. “The circular is not valid from the date of the SC order and cannot be cited or quoted from, “the RBI said. However, RBI Governor Shaktikanta Das later said the central bank’s view on cryptocurrencies like Bitcoin remains unchanged and it continues to have “major concerns” on the volatile instruments. “There is no change in RBI’s position (on cryptocurrencies). Our circular clarifies the position very well,” PTI reported RBI Governor making this statement.