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Cryptocurrency Prices Today: Bitcoin, Dogecoin, XRP surge over 5%; Binance Coin falls

Bitcoin's price is currently Rs 52,01,400 and its dominance is currently 43.86 percent, an increase of 5.08 percent over the day.

November 08, 2021 / 04:36 PM IST
Cryptocurrency (Representative image)

Cryptocurrency (Representative image)

Cryptocurrency prices continue to be mostly in green on November 8. The global cryptocurrency market cap is Rs 21,25,059.93 crores, a 3.51 percent increase over the last day, while the total crypto market volume over the last 24 hours is Rs 81,20,39,451.30 crore, which makes a 15.35 percent increase.

Bitcoin's price is currently Rs 52,01,400 and its dominance is currently 43.86 percent, an increase of 5.08 percent over the day.

Meme cryptocurrency Shiba Inu tops the WazirX exchange in terms of volume with Bitcoin and Helium trailing behind on second and third respectively.

SHIB, the self-proclaimed "dogecoin killer", which was created in August 2020 by someone who uses the name Ryoshi, is modelled after Dogecoin. It is currently trading at Rs 22.4999, 6.73 percent higher since yesterday.

Australia's banking watchdog said it was examining the regulatory implications of Commonwealth Bank's planned introduction of Bitcoin trading to unsophisticated retail investors - the first bank in Australia to do so.

CBA says it would welcome a clear regulatory framework for crytpocurrencies, which are not formally regulated in Australia.

On November 3, CBA broke banking industry ranks to match offerings from fintech firms by announcing it will become the first main-street bank in the developed world to offer a platform for retail customers to trade cryptocurrencies. read more

The move is forcing financial watchdogs in Australia to immediately focus on the volatile $2 trillion crypto trading industry that many argue has no intrinsic value and relies on users' complete trust in different types of software.

A spokesman for the Australian Prudential Regulation Authority (APRA) told Reuters the country's largest lender had made the regulator aware of its plans and the authority was "examining regulatory issues that this raises".

After a staged pilot for 2,000 people, CBA will give easy access to crypto trading in 10 assets to about a third of Australian adults already using its industry-leading mobile banking app, which also offers energy retailers discounts and carbon emission trackers.

CBA's crypto trading service will be provided in partnership with Gemini Trust Company, one of the world's largest crypto exchanges that was created in 2014 by the Winklevoss brothers, famous for accusing Facebook's founder of stealing their idea.

The anti-money laundering watchdog the Australian Transaction Reports and Analysis Centre said that it was "engaging ... in relation to this new product offering" with both CBA and Gemini.

As off 4:30 am on November 8, these are the prices of largest cryptocurrencies (data from WazirX):

Binance Coin51,008.3-3.76%
 [Input from Reuters]

Moneycontrol News
first published: Nov 8, 2021 08:10 am