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Crypto NFT

RBI Deputy Governor calls cryptocurrencies worse than Ponzi schemes, asks for complete ban in India

RBI Deputy Governor T Rabi Sankar said that banning cryptocurrency is perhaps the most advisable choice open to India and there are strong reasons to keep cryptocurrencies away from the formal financial year.

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The Deputy Governor of the Reserve Bank of India, T Rabi Sankar addressed cryptocurrencies and India’s reluctance towards them. While speaking at an Indian Banks Association event on Monday, February 14, said that it has been seen that crypto-technology is underpinned by a philosophy to evade government controls. Cryptocurrencies have been developed especially to bypass the regulated financial system. According to him, these should be reasons enough to treat them with caution.

He added that cryptocurrencies are not amenable to definition as a currency, asset or commodity. They have no underlying cash flows, they have no intrinsic value. Rabi Sankar compared cryptocurrencies with Ponzi Schemes and said that the former may even be worse.

Significantly, he stated, it may be beneficial to advanced economies if cryptocurrencies replace emerging market currencies since this would provide advanced economies stronger strategic influence over emerging market economies. He went on to say that cryptos are mere gambling instruments.

On the question of whether banning cryptos will cause investors’ capital to erode, the deputy governor stated that banning cryptos in India does not imply that investors will lose money since a viable exit may be offered. Furthermore, he stated that crypto investors were fully conscious of the risks involved.

He also stated that establishing native cryptocurrencies is only one method of deploying a blockchain and that it is only one use of the technology. To suggest that banning cryptocurrencies will stifle blockchain technology adoption is equivalent to claiming that banning human cloning would stifle biotechnology progress or that banning nuclear weapons would harm nuclear physics as a field.

Read Also: Cryptocurrency prices on February 15: Bitcoin, Ethereum, Litecoin, Avalanche | Check the price list here

Furthermore, he said that banning cryptocurrency is perhaps the most advisable choice open to India and there are strong reasons to keep cryptocurrencies away from the formal financial year. According to Rabi Sankar, cryptocurrencies can wreck the government’s ability to control the economy along with the banking system, the currency system and the monetary authority.

Crypto NFT

Cryptocurrency prices on February 22: Bitcoin, Ethereum, Cardano, Tether | Check the price list here

The worldwide cryptocurrency market capitalization is at $1.68 trillion, down 5.57 percent from the previous day. The overall crypto market volume increased by 43.65% in the previous 24 hours to $100.86 billion.

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The worldwide cryptocurrency market capitalization is at $1.68 trillion, down 5.57 percent from the previous day. The overall crypto market volume increased by 43.65% in the previous 24 hours to $100.86 billion.

The overall volume in DeFi is presently at $12.99 billion, accounting for 12.88 percent of the entire 24-hour volume in the crypto market. Stablecoins currently account for $84.87 billion in total volume, accounting for 84.14 percent of the whole 24-hour volume of the crypto market.

Bitcoin’s price has dropped 4.35 percent to Rs 29,63,315 at the time of writing. At Rs 2, 05,127, Ethereum dropped 4.81 percent. Tether’s price increased by 0.49 percent to Rs 111.63 per unit. The price of Tether rose by 0.49 percent to Rs 79.45. Whereas the price of Binance Coin and XRP went down at 7.65 percent and 11,16 percent respectively. The price of Binance Coin is at Rs 28,500.88 and the price of XRP is at Rs 55.7214 today.

CRYPTOCURRENCYPRICE (IN RS)24-HOUR CHANGE (IN PERCENT)
Bitcoin29,63,315-4.35
Ethereum2,05,127-4.81
Cardano67.9739-11.31
Tether79.45+0.49
Solana6172.35-13.56
Avalanche5189.57-15.74
Litecoin725.10-9.68
XRP55.7214-11.16
Axie Infinity3594.80-13.37

Cardano (Rs 67.97) and XRP (Rs 55.72) are the greatest losers among cryptocurrencies, down 11.31 percent and 11.16 percent, respectively; followed by Binance Coin (Rs 28,500, down 7.65 percent); Dogecoin (Rs 10.21, down 7.43 percent); and Polkadot (Rs 10.21, down 7.43 percent) (Rs 1,286, down 6.91 percent). Tether, valued at Rs 79.45, was the lone bright spot, up 0.49 percent.

Early on February 22, cryptocurrency prices fell due to the influence of the Russia-Ukraine conflict. The United States and Europe have vowed sanctions in response to Russia’s continuous aggression against Ukraine, putting a cloud over global markets.

Read Also: Sensex slips 800 points as Russia-Ukraine crisis escalates, Nifty trades below 17,000-marks

Despite the Reserve Bank of India’s (RSI) imposition of a 30% tax on cryptocurrency, a few members of the central board of the RBI have advocated a more nuanced stance on digital assets, bearing technical changes in mind. Investors, prominent cryptocurrency exchanges operating in India, and industry experts all believe that more detailed discussions and modifications to the upcoming crypto law can propel India to the forefront of blockchain technology.

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Crypto NFT

Cryptocurrency prices on February 20: Bitcoin, Ethereum, Cardano, Tether | Check the price list here

Bitcoin’s market dominance surged by 0.30 percent to 42.03 percent on February 20.

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In the last 24 hours, the worldwide cryptocurrency market value plummeted 1.01 percent to $1.81 trillion, while trading volumes fell 25.85% to $53.91 billion.

Stablecoins accounted for $42.81 billion, or 79.41 percent, of the 24-hour cryptocurrency trading volume, while decentralised finance (DeFi) accounted for $8.12 billion, or 15.07 percent.

Bitcoin’s market dominance surged by 0.30 percent to 42.03 percent on February 20th, and the currency was trading at $40,010.80.

Bitcoin fell 1.31 percent to Rs 33,84,999, while Ethereum fell 1.44 percent to Rs 2,40,000. Avalanche dipped 0.57 percent to Rs 7,285, while Cardano sank 1.33 percent to Rs 83.86. 7. Dogecoin was down 0.85 percent to Rs 11.52, while Memecoin SHIB was up 2.47 percent to Rs 11.52. Terra (LUNA) is currently trading at Rs 4,365, down 2.48 percent from its previous high. Polkadot decreased 1.74 percent to Rs 1,508 in the preceding 24 hours, while Litecoin slid 2.63 percent to Rs 9,792.5. Tether was up 0.09 percent at Rs 78.27 at the time of writing.

The biggest gainers today are Alium Finance with a gain of 142.89 percent at Rs 5.94, CHIBA INU with an increase of 111.44 percent at Rs 3.15, and MetaDogecolony increased by 303.32 percent at Rs 0.00018. While the biggest losers today are WOLFI at Rs 0.0000039 after falling by 95.16%, Hedge Finance at Rs 0.0048 after a fall of 94.88 percent, and IceCream Shares at Rs 13,158.64 with a fall of 66.26%.

CRYPTOCURRENCYPRICE (IN RS)24-HOUR CHANGE (IN PERCENT)
Bitcoin33,84,999-1.31
Ethereum2,40,000-1.44
Cardano83.86-1.33
Tether78.27-0.09
Solana7,746.94-2.6
Avalanche7,284.7-0.57
Litecoin9,792.5-2.63
XRP63.79-1.48
Axie Infinity4,769.87-3.82
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Crypto NFT

Cryptocurrency prices on February 17: Bitcoin, Ethereum, Cardano, Tether | Check the price list here

Here’s the list of prices of cryptocurrency, namely Bitcoin, Ethereum, Cardano, Tether as of February 17. Check the prices here.

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Cryptocurrencies maintained their value amid global political uncertainty, but investors remained concerned about the Russian-Ukraine situation and worldwide inflation. In the midst of the global crypto market’s volatility, Bitcoin and Ethereum, two major cryptocurrencies, have remained flat. Stablecoins accounted for 80.55 percent of the 24-hour cryptocurrency trading volume, or $56.08 billion, with DeFi accounting for 13.34 percent at $9.29 billion.

Ethereum increased 0.17 percent to Rs 2,45,505.3, while Bitcoin dipped 0.03 percent to Rs 34,26,961. Avalanche was up 4.56 percent to Rs 7,644.04. Memecoin SHIB was up 1.46 percent to Rs 11.65, while Dogecoin was down 0.45 percent to Rs 11.65. Terra (LUNA) increased by 0.24 percent to Rs 4,385.31 per unit. Cardano was down 0.46 percent to Rs 85.16.

In the last 24 hours, Polkadot declined 0.11 percent to Rs 1,547.43 while Litecoin fell 1.58 percent to Rs 9,932.51. Tether was trading at Rs 77.98, down 0.1 percent. Solana fell by 4.96 percent at Rs 7,390.34.

The global crypto market valuation remained unchanged at $1.99 trillion. In addition, overall crypto market volume fell by more than 7% to $69.68 billion.

CRYPTOCURRENCYPRICE (IN RS)24-HOUR CHANGE (IN PERCENT)
Bitcoin34,26,961-0.03
Ethereum2,45,505.3+0.17
Cardano85.16-0.46
Tether77.98-0.1
Solana7,927.6-1.75
Avalanche7,644.04+4.56
Litecoin9,932.51-1.58
XRP65.30-0
Axie Infinity4,995-1.73

In the last 24 hours, Bitcoin and Ethereum have traded over $43,000 and $3,000, respectively, according to Edul Patel, CEO and Co-founder of Mudrex. Many large altcoins are losing money. Bitcoin is trading in a range, with initial support at US$40,000 and resistance at US$46,000.

Read Also: Cryptocurrency prices on February 16: Bitcoin, Ethereum, Litecoin, Solana | Check the price list here

In recent updates, new research says that 4,068 criminal whales own $25 billion in cryptocurrencies. Criminal crypto whales, according to the company, are any private wallet with $1 million or more in bitcoin that has obtained 10% or more of those assets through unlawful addresses.

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