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Cryptocurrency News Today: Bitcoin down, Ethereum up; Visa starts crypto advisory

Amid India's move to bring a stringent legislation over cryptocurrency, the digital currency market has been witnessing a tumultuous period

Cryptocurrency News Today: Bitcoin down, Ethereum up; Visa starts crypto advisory
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New Delhi, First Published Dec 9, 2021, 10:53 AM IST

Amid India's move to bring stringent legislation over cryptocurrency, the digital currency market has been witnessing a tumultuous period. To put things in perspective, Bitcoin -- the world's largest cryptocurrency -- has declined by 25 per cent within a period of a month. If considered hour-wise, Bitcoin has been shedding Rs 2000 rupees every sixty minutes. At present, the price of Bitcoin is under $50,000. In comparison, the price of Bitcoin exceeded $68990 on November 9; it was at an all-time high. The price of Bitcoin has come down by more than $19000. In terms of Indian currency, that is a fall of Rs 14,32,457.

At the same time, the value of the Ethereum coin --  the world's second-largest cryptocurrency -- saw a jump of more than 2 per cent. The price of Ethereum reached $4490 in the last 24 hours of trading. In the last month, Ethereum has given negative returns of 6.5 per cent to investors. Around November 10, the price of Ethereum reached an all-time high of $4865.57.

so Read: Cryptocurrency Bill 2021: What Modi government is really planning to do

Kotak Mahindra-WazirX in partnership

According to reports, Kotak Mahindra has become the first major bank in India to join hands with cryptocurrency traders following its decision to open an account with WazirX exchange to receive and pay money to those trading on the exchange. This is despite the Reserve Bank of India's warnings about the unpredictable impact that cryptocurrency could have on the existing fiat currency-driven financial system. To recall, in 2019 the Supreme Court had revoked the decision made by the RBI a year earlier with regard to prohibiting banks from supporting crypto transactions. 

Visa launches crypto advisory

Meanwhile, reports have emerged stating that the world’s largest payment processor Visa Inc has started a global crypto advisory service for banks and also merchants. Media reports said that Visa's decision was a consequence of unprecedented investor demand for crypto services. The services being offered by Visa reportedly include educating institutions about cryptocurrencies, helping manage backend operations and allowing clients to use the payment processor's network for digital offerings.

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