Ethereum Price Rises Over 10%, Upcoming Indian Crypto Bill May Send Violators To Jail
Proposed legislation that would ban the use of cryptocurrencies as a method of payment in India may also arrest those infringing the law without an arrest warrant and it will be non-bailable, reports the news agency, Reuters. While there is a growing concern among the Indian crypto investors regarding what else provisions will be there in the crypto bill, Ethereum crosses more than 10 per cent in the last 24 hours, according to coinmarketcap.com.
The price of Bitcoin (BTC) has increased 7.71 per cent in the last 24 hours and was trading at $51,301.16 at 4:30 pm. Bitcoin’s dominance in the crypto market is currently 40.43 per cent with a decrease of 0.69 per cent over the day.
Ethereum jumps 10.93 per cent in the last 24 hours while it was trading at $4,395.85.Binance Coin up 7.10 per cent in the last 24 hours while it was trading at $590.51.
While Solana (SOL), like other coins, recovered from its fall and was trading at $201.69, rising 12.05 per cent in the last 24 hours, Moreover, Cardano 13.86 per cent in the last 24 hours and was trading at $1.46, coinmarketcap.com data showed.
Meme Coins
Samoyedcoin (SAMO) and Dogelon Mars (ELON) rose more than 30 per cent in the last 24 hours, while other meme coins such as Dogecoin (Doge), Shiba Inu(SHIB) rose more than 10 per cent in the last 24 hours.
Dogecoin witnessed a rise of 13.08 per cent in the last 24 hours and was trading at $0.1813 at 4:30 pm. Rival Shiba Inu lost 14.94 per cent in the last 24 hours and was trading at $0.00003824, Dogelon Mars jumped by 34.62 per cent and was trading at $0.000001296, while Samoyedcoin was trading at $0.04699 and recorded a rise of 49.66 per cent.
Overall Scenario
The global crypto market cap was $2.40 trillion, registering an increase of 13.75 per cent in the last 24 hours, while the total crypto market volume was $129.61 billion, up 8.35 per cent.
Synex Coin (MINECRAFT) became the biggest gainer in the last 24 hours, recording a rise of 2437.76 per cent; it was trading at $0.06167
at 4:30 pm. On the other hand, TTOKEN(TTOKEN) recorded maximum loss in the last 24 hours, falling 89.31 per cent; it was trading at $0.0000002983.
Latest Updates
Reuters reported that as per the proposed crypto bill, there would be a ban on the use of cryptocurrencies as a method of payment in India and those infringing the law could be arrested without an arrest warrant and it will be non-bailable.
As stated in the bill’s summary, the Indian government is planning a “general prohibition on all activities by any individual on mining, generating, holding, selling, (or) dealing” in digital currencies as a “medium of exchange, store of value and a unit of account”, according to Reuters.
