Money & Banking

Crypto currencies recover, back in the green on Indian exchanges

Our Bureau Mumbai | Updated on November 25, 2021

Top Crypto tokens have recovered nearly 10 per cent or more from yesterday’s plunge of 15-20 per cent

More than 24-hours after a blood bath and almost a fourth of its value wiped out on the exchanges, cryptocurrencies are back in the game. Top tokens have recovered nearly 10 per cent or more from yesterday’s plunge of 15-20 per cent.

As of 1:30 pm, bitcoin was trading in green, up by 5.03 per cent. USDT or Tether’s price jumped by 3.68 per cent, Shiba Inu by 4.83 per cent and Ethereum by 3.32 per cent. Sandbox topped this list on WazirX which was up by 23.76 per cent.

Also read: Only a handful of cryptocurrencies that exist today likely to survive: Raghuram Rajan

The massive cryptocurrency crash on Indian exchanges on Wednesday was a result of a Lok Sabha notice released on Tuesday evening summarising bills to be discussed in the upcoming winter parliamentary session.

The description next to The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 read that the government was seeking to prohibit private cryptocurrencies while allowing certain exceptions to promote the underlying technology. This created confusion and unexpected panic sale among investors leading to temporary crashing of several exchange platforms.

Published on November 25, 2021

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