The world’s number one cryptocurrency, Bitcoin, traded lower at Rs 29.78.036, down 3.06% at 12:40 p.m. on Thursday June 17th. The correction in Bitcoin appeared to have affected the price movement of other cryptocurrencies as well. Top crypto coins and tokens traded in red on Thursday. CoinSwitch Kuber, the Indian exchange that facilitates cryptocurrency trading in India, posted a 2.20% decline in the overall global market on Thursday. Ethereum, Binance Coin, Dogecoin, Shiba Inu, Polka Dot and all major coins were traded in red. However, Tether, number 3 in the global ranking according to CoinSwitch, traded marginally green at 75.7958 rupees, 0.01%. One week’s data shows this coin has struggled and traded in the Rs 74 to Rs 81 range.
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Meanwhile, Ethereum was down 3.5 percent and was available for Rs 1,86320 per ETH.
Binance Coin, which holds number 4 globally according to the same data, also fell 1.34%, trading at Rs 27,450.86 per BNB.
Cardano (5th place): Rs 116.82613, own 2.13%
Polka Dot (rank 9): Rs 1,818.88, minus 1.8%
Two very popular coins, Dogecoin and Shiba Inu, also traded in negative territory. Dogecoin traded 1.86% lower and was available at RS 23.803270 per Doge. Shiba Inu was down 8.72% on Thursday after gaining over 20% on Wednesday, according to WazirX data. Previously, the dog breed’s meme coin rose on the back of reports suggesting Shiba Inu was listed on Coinbase Pro and the expectation of being listed on the Robinhood exchange
With regard to trading cryptocurrencies in India, the Reserve Bank of India (RBI) had previously asked banks on May 31 not to cite their 2018 circular banning banks and NBFCs from trading crypto businesses. It said the 2018 circular on cryptocurrencies was overturned by the Supreme Court (SC) in March 2020. “The circular is not valid from the date of the SC’s decision and cannot be quoted or cited,” said the RBI. However, RBI Governor Shaktikanta Das later said the central bank’s opinion on cryptocurrencies like Bitcoin remains unchanged and it continues to have “major concerns” about the volatile instruments. “The position of RBI (on cryptocurrencies) is not changing. Our circular clarifies the position very well, ”reported the RBI governor of PTI.