Cryptocurrency Prices on 25th November: Bitcoin, Ethereum, Binance Coin rise as Solana, XRP fall
The global crypto market capitalization surged 1.23 percent over the last 24-hours to stand at $2.60 trillion. Bitcoin, currently trading at $57,517 also saw a rise in its market dominance by about 0.28 percent over the last day to rise at 41.92 percent. As for major cryptocurrencies, Bitcoin rose by 2.12 percent, in addition to Ethereum ($4,303), which surged by 1.10 percent. Read more
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Will uncertainty over India's crypto regulation impact job creation?
The ongoing uncertainty around India's plan to regulate cryptocurrency in the country is causing concern over the impact it could have on job creation. While a section of the industry said that it could drive away new startups out of India impacting fresh employment opportunities, others have pointed out that it is unlikely to impact the talent flow. The crypto industry currently employs about 50,000 people and has the potential to create 8,00,000 jobs by 2030. Read more
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Explained: All that we know about the upcoming Cryptocurrency Bill 2021
Industry experts and lawyers expect regulations to ensure better monitoring of crypto transactions and guidelines around penalties for fraudulent activities. Clarity is awaited on how crypto assets and related services will be taxed. With two crore Indians invested in cryptocurrencies with their holdings totaling $4-5 billion according to industry estimates, many are worried about the future. Read more
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Cryptocurrencies Bill: Why investors shouldn't press the panic button
Even if cryptocurrencies are banned, an exit window may be given to investors. Whatever the government decides on cryptocurrencies, many experts are saying that an outright ban looks unlikely. They may not allow cryptocurrencies to be used as currencies, which is anyway not done in India, as yet. Read more
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Most existing cryptocurrencies won't survive, says Raghuram Rajan
Former Reserve Bank of India (RBI) governor Raghuram Rajan believes that out of the 6,000-odd cryptocurrencies in existence today, most will perish. Only one or two, or at most a handful, would survive, Rajan said. “If things have value only because they will be pricier down the line, that’s a bubble,” he told CNBC-TV18. “…A lot of cryptos have value only because there is a greater fool out there willing to buy". Read more
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