Cryptocurrency prices have recovered after plunging sharply on Tuesday. Prices of Bitcoin, Ether, Tether, and other altcoins plunged as a reaction to the Indian government's proposed cryptocurrency bill. Check the latest cryptocurrency prices and trends. Ndia’s proposed bill on cryptocurrencies led to a bloodbath in the virtual coin market late on Tuesday as prices of Bitcoin, Ether, and other altcoins tanked.
The sharp fall in prices came soon after the government announced that it would table the cryptocurrency bill in Parliament during the upcoming winter session. The bill seeks to prohibit all private players in the cryptocurrency space, leading to major virtual coins tanking nearly 15 percent. The world’s largest cryptocurrency, Bitcoin, plunged nearly 15 percent while Ether fell almost 12 percent. While the cryptocurrency market has stabilized after the crash, volatility is likely to increase as a large number of investors in India may look to exit the market.
Com, said, «The different interpretations of the definition of private cryptocurrencies by the media, and influencers have orchestrated this environment of fear among retail crypto investors». «Cryptocurrencies are trading at a 20-30 percent discount right now due to the chaos created by the government. The ruling government should have acted more responsibly to define the definition of private cryptocurrency since they mentioned the term for the first time back in February,» he added. «In my understanding, bitcoin, ethereum, and other popular cryptocurrencies are not controlled or managed by any private entities, transactions are on the public ledger, and they are recognized as public cryptocurrencies in every major economy».