Cryptocurrencies Recover After Brutal Weekend; Centre Not Planning To Strengthen The Segment

After losing as much as 20 percent over the weekend at one point of time, the world's largest and most popular cryptocurrency was seen recovering by a tad and it gained some ground trading higher by over 1 percent at $49, at around 10:30 pm (IST). In early trade today, though the digital currency was seen in the red. The cryptocurrency Bitcoin registered a 24-hour low of $47,262.

Cryptocurrencies Recover After Brutal Weekend; Centre Not Planning To Strengthen The Segment

Notably, on an intra-day basis due to heightened risk-off sentiment given the new Omicron variant i.e. fast spreading globally, bitcoin dropped as much as 5 percent.

Meanwhile as per Coinmarketcap the global crypto market cap stood at $2.28T, a 0.82% increase over the last day. Also at the same time, volume of the market logged gains to the tune of over 2 percent to $130.25B.

Among the top 20 cryptoassets list compiled by Coindesk.com, 13 tokens traded in the green with gains up to 9 percent as for Polygon and EOS, while others such as Algorand, Chainlink fell by up to 3 percent.

Amid new cryptocurrency bill uncertainty, on Monday the Ministry of Finance told Parliament that the centre does not have any plans for strengthening the cryptocurrency segment in India. The comments come in the backdrop of swift developments in the crypto segment in the country when the government is due to unveil a Cryptocurrency Bill in the ongoing Winter session of the Parliament. Earlier the FM said that the earlier bill shall be reworked.

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