Cryptocurrencies have extended their negative trade beyond weekend and have been trading lower on Monday. Bitcoin, number 1 cryptocurrency, was down more than 7 per cent and was trading at Rs 25,80,029 after scaling Rs 27,78,966 as its day’s high. Overall crypto market was down by 8.52 % on Monday at 12.30 pm showed CoinSwitch Kuber data.
Meanwhile, other top and famous cryptocurrencies, including Ethereum, Polka Dot, Dogecoin and Shiba Inu also did not fare well on investors’ expectations.
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Ethereum, Polka Dot, Dogecoin were down 8.43 per cent, 10.33 per cent and 9.09 per cent respectively on Monday.
Ranked 3 in global rankings, Tether was trading marginally in green at Rs 78.6421, up 0.07%.
Meme Coin Shiba Inu was trading for Rs 0.000578, down 2.20 per cent.
Meanwhile, in news related to cryptocurrencies last week, Space X and Tesla CEO Elon Musk woke up to a ‘pleasant’ surprise on Father’s Day on June 20. Dogecoin holders flooded him with Happy Father’s Day wishes for being ‘Dogefather’, expecting him to boost cryptocurrency price.
Happy Father’s Day, Dogefather pic.twitter.com/Zwp4XENdId
— Shibetoshi Nakamoto (@BillyM2k) June 20, 2021
In another news related to cryptocurrency, Fred Ehrsam, Co-Founder of cryptocurrency exchange Coinbase said that 90 percent of the NFTs (non-fungible tokens) will be of no worth in the next three to five years, reported Bloomberg.
Happy Father’s Day to the Dogefather pic.twitter.com/EmtrKGC660
— The Chairman (@WSBChairman) June 20, 2021
Ehrsam, however, was bullish on meme crypto Dogecoin and said one should dismiss Elon Musk-backed coin, “If crypto has taught us anything, it’s never to dismiss a good meme that couldn’t later manifest into more concrete progress,” he told Bloomberg.
In India, RBI continues to maintain reservations on trading in cryptocurrencies. RBI Governor Shaktikanta Das said the Reserve Bank’s view on cryptocurrencies like Bitcoin remains unchanged and it continues to have “major concerns” on the volatile instruments. “There is no change in RBI’s position (on cryptocurrencies). Our circular clarifies the position very well,” RBI Governor had said earlier.