The total cryptocurrency market capitalization knocked off 0.9% in the last 24 hours to $2.36 trillion, while the trading volume is at $82 billion on Monday, according to CoinGecko.
Bitcoin prices on Monday continued the declining trend and were below the $49,000 level. The world’s largest and most popular cryptocurrency was trading 1% lower at $48,729.
Ether, the coin linked to ethereum blockchain and the second-largest cryptocurrency, declined over 1% to $3,985. Dogecoin prices plummeted nearly 2% to $0.16.
Other digital tokens such as Cardano, Solana, Binance Coin were also trading in red over the last 24 hours.
Indian Prime Minister Narendra Modi on Friday called for united efforts to shape global norms for emerging technologies like social media and cryptocurrencies so that they are used to “empower democracy and not to undermine” it.
The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 is listed for consideration and passing in the ongoing winter session of Parliament.
“A bill on Cryptocurrency and Regulation of Official Digital Currency for introduction in the Lok Sabha has been included in the Lok Sabha Bulletin-Part II as part of government business expected to be taken up,” finance minister Nirmala Sitharaman said in a written reply to the House on November 30.
The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 seeks “to create a facilitative framework for creation of the official digital currency to be issued by the Reserve Bank of India (RBI)”. The cryptocurrency bill also seeks to ban all private cryptocurrencies while allowing “for certain exceptions to promote the underlying technology of cryptocurrency and its uses.”
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