Crypto Crash News Update: The global cryptocurrency market cap slipped to $1.04 trillion from $3 trillion around six months ago, according to data on CoinMarketCap on Monday morning.
Cryptos and other virtual digital assets are unregulated in India and are considered extremely risky.
Economic Affairs Secretary Ajay Seth said inputs from various stakeholders and institutions, including the World Bank and the IMF, have been incorporated in the consultation paper on cryptocurrencies.
Bitcoin, the world's largest cryptocurrency by market value, has fallen by 50 per cent since its peak in November last year.
The slide in the value of digital assets comes as stock markets around the world also dropped in recent days. On Monday, some Asian markets headed lower again with Japan's benchmark Nikkei index down by around 2 percent.
Notably, the The Reserve Bank of India's order banning banks from supporting crypto transactions, was reversed in March 2020, by the Supreme Court.
Pro-Ukraine groups and pro-crypto communities on social media platforms like Twitter and Facebook have also contributed.
As per the police, fearing arrest, the accused released the victim and dropped him at a nearby area. The victim then informed the police that he was abducted for bitcoins.
India is a nation with the biggest Crypto investments, majorly millennials from Tier-2 and Tier-3 cities. More than 100 million people have already invested in cryptocurrencies. Here we come with the top crypto companies that has witnessed a tremendous growth
PM Modi's Twitter handle was briefly hacked on Sunday, and a tweet claiming that India has "officially adopted bitcoin as legal tender" was put out from it.
Bitcoin, the largest cryptocurrency by market value, was down 18 percent at $46,571.84 according to data from CoinDesk. It temporarily dipped to $42,000 before bouncing back. Ether, the second-largest cryptocurrency, was down close to 16 percent, the report said.
Amidst the tremendous price swings in the crypto market, the central government is set to introduce a bill to regulate crypto assets and cryptocurrencies in India in the ongoing Winter Session of Parliament.
Nirmala Sitharaman had on Monday said that the government has no proposal to recognise Bitcoin as a currency in the country.
Cryptocurrencies are basically digital assets. It is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend.
Raghuram Rajan said that cryptos may pose the same problem as unregulated chit funds which take money from people and go bust.
Against this backdrop, Prime Minister Narendra Modi, on Saturday, held a meeting on the crypto currencies with senior officials and indications are that strong regulatory steps could be taken to deal with the issue.
Bitcoin and ethereum -- the two most popular forms of cryptocurrency -- both reached new record highs Tuesday morning, with the price of bitcoin rising above $68,000 for the first time and ethereum topping $4,800.
Bitcoin prices surged above $61,000 on Friday after slipping to its lowest level in over a week
Flagging serious concerns over the "unregulated" content being shown on OTT platforms, "uncontrolled" Bitcoin currency that has potential to "destabilise economy of all countries" and use of narcotic drugs by all classes of the society, RSS chief Mohan Bhagwat on Friday urged the government to take steps to address these issues.
Unocoin has launched deposits via UPI wallets in the Indian currency for a faster top-up to buy and sell Bitcoins and other cryptocurrencies on the platform.
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