Cryptocurrency update: Bitcoin drops 1.7%, Ethereum up 1.4%
Most of the major cryptocurrencies were trading in green in the last 24 hours. The new entrant in the top 10, Uniswap gained by 1.48% to $22.12
Bitcoin, the world’s largest cryptocurrency, on Tuesday fell by 1.77% and was trading at $39,718.76. While, Ethereum gained by 1.44% to $2,586.39. Only 4 out of the top 10 major cryptocurrencies were trading in red, which includes Tether, Dogecoin and Cardano fell by 0.02%, 0.58% and 0.96% respectively. Other cryptos were trading in green in the last 24 hours. The new entrant in the top 10, Uniswap also gained by 1.48% and was trading at $22.12.
Top 10 Cryptocurrencies on 03, August 2021
| S.No | Name | Price | %Change |
| 1 | Bitcoin | $39,063.65 | -1.77 |
| 2 | Ethereum | $2,586.39 | 1.44 |
| 3 | Tether USDT | $1.00 | -0.02 |
| 4 | Binance Coin | $329.05 | 0.01 |
| 5 | Cardano | $1.30 | -0.58 |
| 6 | XRP | $0.72 | 0.69 |
| 7 | USD Coin | $1.00 | 0.02 |
| 8 | Dogecoin | $0.20 | -0.96 |
| 9 | Polkadot | $18.22 | 0.39 |
| 10 | Uniswap | $22.12 | 1.48 |
*All prices as of 03 August 2021, at 7:16 AM, Table Source:coinmarketcap.com
Government to consider panel report on cryptocurrency ban
During the Lok Sabha session on Monday, the union finance ministry said that the government is considering the Inter-Ministerial Committee report on banning cryptocurrency and authorising the digital currency of Reserve Bank of India (RBI). The government would also take a call whether a new law would need to be brought to the Parliament.
The finance ministry in a written reply stated that the government would take a decision on the recommendations of the IMC and the legislative proposal, if any, would be introduced in the parliament following the due process. It also said that the high-level panel recommended in its report that all private cryptocurrencies, except any cryptocurrency issued by the state, be prohibited in India.
“As for private cryptocurrencies, given the risks associated with them and volatility in their prices, the group has recommended the banning of cryptocurrencies in India and imposing fines and penalties for any of the activities connected with cryptocurrencies in India”, said a release in this regard.
The report also added that there are around 2,116 cryptocurrencies with a market capitalisation of $119.46 billion. It also said that Bitcoin and several other cryptocurrencies have emerged including Etereum, Ripple and Cardano.