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Cryptocurrency Prices on November 30: Solana, SHIB and Ethereum rise as Bitcoin, Tether falls

As India deliberates the impending crypto legislation, e Union Finance Minister Nirmala Sitharaman said in a response in the Parliament yesterday that there is no proposal to recognise Bitcoin as a currency. Sitharaman also mentioned that the government does not collect data on Bitcoin transactions

November 30, 2021 / 08:10 AM IST
Cryptocurrency (Representative image)

Cryptocurrency (Representative image)

The global crypto market capitalisation surged 1 percent over the last 24 hours to stand at $2.61 trillion. Bitcoin, currently trading at $57,424 saw a fall in its market dominance by about 0.63 percent over the last day to stand at 41.57 percent.

The total cryptocurrency trading volume over the last 24 hours was $107.71 billion, decreasing by 2.55 percent. While DeFi ($14.94 billion) accounted for 13.87 percent of the total crypto volume, stablecoins ($84.33 billion) made for 78.29 percent of the crypto market's 24-hour market volume.

As for major cryptocurrencies, Bitcoin fell by 0.50 percent, while Ethereum ($4,483.11), which surged by 3.31 percent. Binance Coin ($626.81) rose by around 3.31 percent. Additionally, Solana ($205.30), Cardano ($1.60), Avalanche ($121.66) and Polkadot ($36.74) also rose by 1.80 percent, 0.24 percent, 7.85 percent, and 0.94 percent respectively. Memecoins SHIB and DOGE also surged around 13.05 percent and 5.95percent respectively.

As India deliberates the impending crypto legislation, e Union Finance Minister Nirmala Sitharaman said in a response in the Parliament yesterday that there is no proposal to recognise Bitcoin as a currency. Sitharaman also mentioned that the government does not collect data on Bitcoin transactions.

Amidst this, Singapore-based virtual currency exchange Coinstore has begun operations in India at a time when the government is preparing legislation to effectively bar most private cryptocurrencies. Reportedly, the company has launched its web and app platform and plans branches in Bangalore, New Delhi, and Mumbai to begin with.

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The central Asian country of Kazakhstan also witnessed a massive jump in its demand for electricity, surging almost 8 percent this year as compared to the conventional 1-2 percent seen before, thanks to the uncontrolled electricity consumption by massive computer farms involved in cryptocurrency mining.

Notably, the country, which is currently importing electricity from Russia at a higher tariff to meet the requisite demands, recently saw three of its major power plants undergo an emergency shutdown in October.

As of 7:56 am today, these were the prices of various cryptocurrencies (Data from WazirX)
CryptocurrencyPrice (In INR)24-hour change (in percent)
Bitcoin44,0,1,000+3.83
Ethereum3,42,974.2+7.18
Cardano122.75+3.37
Tether76.85 +2.19
Solana15,749+5.7

Moneycontrol News
first published: Nov 30, 2021 08:10 am
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