(Representative image: Reuters)
Cryptocurrency prices continue to be in the red on September 28. The global cryptocurrency market cap is Rs 139.51 lakh crores, a 4.25 percent decrease over the last day, while the total crypto market volume over the last 24 hours is Rs 7,21,468 crores, which makes a 14.65 percent decrease.
Bitcoin's price is currently Rs 33,49,017 and its dominance is currently 42.51 percent, an increase of 0.20 percent over the day.
The crypto-tech industry in India grew 39 percent over the past five years to $74.2 million in FY21, according to a report by the National Association of Software and Services Companies in association with WazirX released on September 24.
“Crypto-tech is essentially a technology secured by cryptography, which enables exchange of data and facilitates transactions which are duplicated and distributed across the entire network of computer systems on the blockchain,” the report stated.
Retail investors in India have invested $6.6 billion in crypto assets, which is estimated to increase to $15.6 billion by 2030.
“The crypto industry in India can potentially create an economic value-addition of $184 billion in the form of investments and cost savings,” Nasscom said.
Meanwhile, Beijing's new blanket ban on all cryptocurrency trading and mining - the broadest yet by a major economy - has sent crypto exchanges and service providers scrambling to sever business ties with mainland Chinese clients.
Shares in a range of Chinese crypto-related firms plunged on the ban which closes off loopholes left in previous regulatory crackdowns on the sector. Industry executives noted, however, that many companies had already shifted key portions of their business outside China.
Ten powerful Chinese government bodies said in a joint statement on Friday that overseas exchanges were barred from providing services to mainland investors via the internet - a previously grey area - and vowed to jointly root out "illegal" cryptocurrency activities.
In response, Huobi Global and Binance, two of the largest exchanges globally and popular with Chinese users, stopped new registrations of accounts by mainland customers. Huobi also said it would clean up existing ones by the end of the year
As off 7.40 am on September 28, these are the prices of largest cryptocurrencies (data from WazirX
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