In less than one week’s time, Bitcoin was down by Rs 6,00,000 to around Rs 41,24,000
In less than one week’s time, Bitcoin was down by Rs 6,00,000 to around Rs 41,24,000

Cryptocurrencies especially Bitcoin (BTC) is having a bumpy ride. From touching an all-time high at USD 64,829.14 (Rs 48.46 lakh) per BTC last week, it has now depreciated to a low of USD 53,705.54 (Rs 40.15 lakh) at 7.59 am. In the last five days, the value of the popular cryptocurrency slid by over Rs 6 lakh.

According to Coindesk, around 11.20 am, BTC was trading at USD 54,978.74 (Rs 41.10 lakh). Bitcoin and other cryptocurrencies slumped after the reports of a crackdown of US authorities on the usage of cryptocurrency for illegal activities and Turkey’s central bank banning the use of cryptocurrencies and crypto-assets for purchases.

Adding fuel to the existing situation was the U-turn taken by China, according to a CNBC report, China’s central bank is now calling bitcoin an “investment alternative”. This is a significant change from its earlier stance. “We regard Bitcoin and stable coin as crypto-assets ... These are investment alternatives,” Li Bo, deputy governor of the People’s Bank of China (PBOC), said on Sunday during a panel hosted by CNBC at the Boao Forum for Asia. This could be mainly due to the volatility surrounding this currency, China decided to change their view around it.

According to Coindesk, the 24-hour low of Bitcoin was USD 53,705.54 (Rs 40.15 lakh) and the high was USD 57,609.37 (Rs 43.07 lakh).

Bitcoin was not the only losers, other cryptocurrencies like Ethereum, XRP and Stellar saw a depreciation in their value too. At 11.51 am, Ethereum was priced at USD 2,123.13; XRP was USD 1.28 and Stellar was USD 0.488306 — all were trading in red. But the only currency that did well was Dogecoin. This meme-based currency was up by 22.69 per cent in 24-hour trading at 11.56 am.

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