Cryptocurrency Prices Today: Bitcoin down 0.53%, price above Rs 48 lakh on October 22

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#bitcoin, #cryptocurrency, raised fresh capital, investment advisors are barred, dumping gold for cryptocurrencies, WazirX, Ethereum, Dogecoin

Bitcoin (Image: Reuters)

Cryptocurrencies are mostly in the red on October 22. The global crypto market cap is $2.58 trillion, a 1.51 percent decrease over the last day. The total crypto market volume over the last 24 hours is $124.08 billion, which makes a 10.70 percent increase.

Bitcoin is currently trading at Rs 48,97,000 lakh, and its dominance is currently 45.94 percent, a decrease of 0.53 percent over the day. This is lower than the over Rs 50 lakh it registered yesterday – an all-time high.

The record high on October 21 came after the start of the first US bitcoin futures-based exchange-traded fund (ETF) – the ProShares Bitcoin Strategy ETF. Analysts said the ETF would likely simplify access to cryptocurrencies for retail investors.

Meanwhile, Crypto firm FTX Trading raised fresh capital at a valuation of $25 billion from a clutch of big-name venture capital investors, making it one of the most richly-valued crypto startups in the world.

The financing, led by investors including Ontario Teachers’ Pension Plan Board, Temasek and Tiger Global, is a continuation of an earlier Series B funding round from July, when the two-year-old startup raised $1 billion from SoftBank, Temasek and other investors at a valuation of $18 billion.

In India, the Securities and Exchange Board of India (SEBI) on October 21 announced that investment advisors are barred from advising on unregulated instruments. This effectively bans the investment advisors from advising on cryptocurrencies, digital gold and other unregulated products.

“It has come to the notice of SEBI that some registered investment advisers are engaged in unregulated activity by providing platform for buying/ selling/ dealing in unregulated products including digital gold,” the market regulator said.

The crypto sector overall is seeing improved sentiments as investors are dumping gold for cryptocurrencies as inflation picks up, fleeing a metal historically touted as a store of value to buy digital assets little more than a decade old.

More than $10 billion has been pulled from the biggest gold exchange traded fund this year and funds’ physical gold hoards have also been selling down, according to Bloomberg data.

As off 8.10 am on October 22, these are the prices of largest cryptocurrencies (data from WazirX):

NAME PRICE (INR) 24H %
Bitcoin 48,97,000 -2.08%
Ethereum 3,20,967.3 -0.47%
Tether 77.80 0.78%
Cardano 169.6000 -0.96%
Binance Coin 37,201.58 -3.41%
XRP 86 -2.03%
Polkadot 3,419.16 0.38%
Dogecoin 19.1500 -1.54%
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