Bitcoin Price Regains $49K Levels; Polygon Gains Most On December 21, 2021

Crypto prices that also had their correction mode on on the backdrop of the US Fed's hawkish stance are seeing major recovery on December 21, 2021. Bulls are in favour of the cryptocurrencies, with Bitcoin-the leading crypto by m-cap once again reclaiming $49,300 level at day's high, while the digital asset last traded with gains of over 5% at $48,619.

Within the 20 top assets list as compiled by Coindesk.com, Polygon had been the most resilient at the time of writing this copy at around 8:22 pm (IST), with gains of over 12%, followed by Cosmos that was up over 9 percent. The gains are largely on improving risk sentiment.

In India, the new crypto bill as previously said by the FM is unlikely to be presented in the ongoing winter session. Sources suggest that the government is seeking inputs on overseas regulation for the asset class. Notably, the ongoing session is about to end on December 23, 2021. Importantly the crypto legislation can still be brought via an ordinance during time when the Parliament is not in session.

As per another media report which cites data from digital asset manager CoinShares crypto funds have snapped 17-week inflow and record outflows worth $142 million during the week ended December 17, 2021.

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