New Delhi: Crypto market continued to be under stress although a few tokens showed some recovery. Despite discouraging economic indicators, Bitcoin managed to hold above $20,000.
Major crypto tokens were trading mixed on Friday. Bitcoin posted mild gains, whereas Ethereum eased. Solana gained 5 per cent and BNB added 3 per cent. On the other hand, Unus Sed Leo plunged 4 per cent.
The global cryptocurrency market cap was trading at the $900.39 billion mark, gaining more than a per cent in the last 24 hours. However, the total cryptocurrency trading volume zoomed more than 15 per cent to $72.15 billion.
What’s cooking in India Reserve Bank Governor Shaktikanta Das on Thursday described cryptocurrencies as “clear danger” and said that anything that derives value based on make believe, without any underlying, is just speculation under a sophisticated name.
The government is in the process of finalising a consultation paper on cryptocurrencies after gathering inputs from various stakeholders and institutions.
Reserve Bank of India (RBI) has been flagging concerns about cryptocurrencies, which are seen as a highly speculative asset.