The new covid strain detected in South Africa severely impacted all asset classes and cryptocurrencies were no exception. On Friday (November 26, 2021) on the development, bitcoin-the oldest and largest cryptocurrency tumbled to below $54,000, falling more than 9 percent in trade. But, since then the digital coin has been showing remarkable resilience.
As per coinmarketcap.com the global crypto market cap as on November 29, 2021 stands at $2.58 trillion, marking gains to the tune of over 5 percent over the previous day. Likewise, volume in digital tokens have also recorded gains to the tune of 15 percent over the previous day and is at $112.29 billion.
As of writing this copy at around 7:35 pm IST, bitcoin is up by over 5 percent to trade at $57,406. Notably on a weekly basis, the flagship crypto has recorded a fall of over 2 percent. On November 10, 2021, bitcoin scaled to its all time high price of $69,044. Meanwhile, other top cryptos such as Ethereum, Binance Coin, Solana, Cardano and Ripple are all up by up to 10 percent in the past 24 hours.
Cryptocurrency:India context- Upcoming Crypto bill
On November 29, 2021, in a reply to the Lok Sabha, the Finance Minister Sitharaman stated that the centre has no plans to deeem bitcoin as a currency in India. Also, at the same time she notified the House that the centre is not collecting data in relation to bitcoin transaction.
So, now as uncertainty remains after the government earlier informed that the new cryptocurrency bill will be unveiled in the winter session, crypto investors as per Nischal Shetty, Founder at WazirX and Sathvik Vishwanath, CEO and Co-Founder at Unocoin can better wait for a few days until more details of the bill come up officially and then only the next steps should be taken.
Further these industry experts go on to say that it is important to note that the regulations suggest to ban only private cryptocurrencies and hence larger or the mainstream digital tokens including BTC or bitcoin that run on a public ledger may not fall under the ban. Thereby implying that investors into prominent or bigger crypto do not need to worry much.