Cryptocurrency update: Bitcoin slips by 2.9%; Ethereum down by 4.2%

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Bitcoin, the biggest and well-known cryptocurrency, declined 2.99% to $44,970.22 levels on August 18 while Ethereum dropped 4.21% to trade at $3,041.49. Most of the cryptocurrencies were trading in red, except for USD Coin which was rose by 0.02% and was trading at $1.00. The new entrant Solana also declined by 7.33% and was trading at $65.99. Solana became the 10th largest cryptocurrency in the world after the altcoin surged 14.98% and was trading at $72.80 yesterday. This happened despite the security risks that were exposed by the biggest Decentralized Finance (DeFi) hack ever in the history of cryptocurrencies last week. Solana is considered as the Layer 1 alternative to Ethereum, which is the second largest cryptocurrency.

Cryptocurrency prices

*All prices as of 18 August 2021, at 9:30 AM, Table Source: Coinmarketcap.com. Conversion rate for the USD to INR used was $1=Rs 74.32

Waiting for Cabinet approval, says FM

Finance Minister Nirmala Sitharaman has said she is awaiting approval from the Cabinet on bill on cryptocurrency as the proposed legislation is before it.

The inter-ministerial panel on cryptocurrency under the Chairmanship of Secretary (Economic Affairs) to study the issues related to virtual currencies and propose specific actions has already submitted its report. It has been recommended that all private cryptocurrencies, except any virtual currencies issued by the state, will be prohibited in India.

“Cabinet note is ready on cryptocurrency (Bill). I am awaiting Cabinet to clear that,” she said during her interaction with the media here.

Meanwhile, the RBI has concerns about the cryptocurrencies traded in the market and has conveyed the same to the government.

Das had said he has “reasons to believe” that the government is in agreement with the “major concerns” flagged by the RBI about cryptocurrencies.