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Cryptocurrency Prices today on December 2: Bitcoin, Ethereum, Binance Coin, XRP fall while Solana rises

Amidst uncertainty over the fate of cryptocurrencies in India, Infosys Chairman Nandan Nilekani yesterday talked about the potential of crypto assets in bringing about better financial inclusion in the country.

December 02, 2021 / 08:45 AM IST

The global crypto market capitalisation declined 0.63 percent over the last 24 hours to stand at $2.63 trillion. Bitcoin, currently trading at $57,157.85 saw a surge in its market dominance by about 0.23 percent over the last day to stand at 41.09 percent.

The total cryptocurrency trading volume over the last 24 hours was $122.98 billion, falling by 5.99 percent. While DeFi ($18.77 billion) accounted for 15.26 percent of the total crypto volume, stablecoins ($94.54 billion) made for 76.87 percent of the crypto market's 24-hour market volume.

As for major cryptocurrencies, Bitcoin fell by 0.13 percent while Ethereum ($4,607.77) fell by 2.28 percent. Binance Coin ($625.70) also declined by around 0.88 percent. On the other hand, Solana ($231.83) rose by 9.17 percent,  Cardano ($1.55) fell by 1.36 percent, Avalanche ($118.5) fell by 6.69 percent, Polkadot ($36.52) shrank by 4.17 percent and Litecoin ($207.3) also dwindled by 0.73 percent over the last 24-hours.

Memecoins SHIB also diminished around 11.16 percent while DOGE also declined by 3.45 percent.

Amidst uncertainty over the fate of cryptocurrencies in India, Infosys Chairman Nandan Nilekani has talked about the potential of crypto assets in bringing about better financial inclusion in the country.

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"There is a role for crypto as assets but they obviously will have to follow all the laws and make sure that it does not become a backdoor for money laundering... they have to use that [as] an entry point to get a lot of young people into financial markets," said Nilekani,

While the government mentioned that it was still studying the existing regulatory framework in the context of cryptocurrency ads and how to handle them, The Advertising Standards Council of India (ASCI) announced on December 1 that it was in discussions with the government to refresh guidelines related to cryptocurrency advertising.

The deliberations are aimed at framing guidelines around adequate disclosure of risk, so as to ensure that consumers do not mistake crypto products to be legal tender and, most importantly, are not misled by exaggerated claims or by unfair comparisons with regulated asset classes.

On the NFT front, crypto investor Vignesh Sundaresan aka MetaKoven, who spent $69.3 million on a Beeple non-fungible token earlier in 2021, publicly announced that he'd be okay if his NFT, namely Everydays: the First 5000 Days, was made widely accessible and downloadable.

As of 7:48 am today, these were the prices of various cryptocurrencies (Data from WazirX)
CryptocurrencyPrice (In INR)24-hour change (in percent)
Bitcoin44,90,171+3.94
Ethereum3,61,001.1+10.77
Cardano122.34+2.36
Tether78.63 +4.56
Solana18,020+17.31
Avalanche9,594+12.87
Litecoin16,000+6.78
XRP75.99+2.0
Axie10,500.99+2.95
 
Moneycontrol News
first published: Dec 2, 2021 08:10 am

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