Crashing Crypto Market in India, China and World Today
Development in the ongoing saga of Bitcoin and its many competitors and copycats in the $2.22 trillion global cryptocurrency market seems to never stop. Even so, just a tiny fraction of Americans actually have any practical and personal experience with it. Only single-digit percentages of people in the U.S. like those in so many other rich, powerful, industrialized countries owned or used cryptocurrency in 2020. Across the world, however, it’s catching on much more quickly.
All Around The World People Want To Be
Some of the most complete data on the subject come from Statists, which combined 55 different research reports from the Statists Global Consumer Survey to identify the countries where Bitcoin and other cryptocurrencies are most popular. The results reveal a clear trend. People from countries in Africa, Asia and South America are much more likely to own or use cryptocurrency than those in Europe, North America or Australia.
Africa’s largest economy is the king of cryptocurrency. In Nigeria, 32% of respondents nearly 1 in 3 reports having used or owned one type of crypto or another in 2020. By comparison, just 6% of Americans reported the same. According to Bitcoin.com, Nigeria’s unique culture and circumstances are fuelling the trend. One of the biggest influencers is poverty, a condition suffered by 87 million of Nigeria’s 200 million people and crypto transactions are cheap.
Another reason for the trend is that Nigerians are much more likely to make payments and send money using their phones. Finally, double-digit inflation is the rule, not the exception, in Nigeria, and cryptocurrencies like Bitcoin, which are capped to a finite number of coins, serve as a hedge against inflation.
Bitcoin, the leading digital currency by market capitalization, has grown in value by more than 10 times at certain points over the past year, but it has also seen significant plunges in value. Still, several cryptocurrencies have managed to come out on top. Bitcoin is the original cryptocurrency and it remains the go-to leader of the space. As of this writing, the market capitalization of the world’s top digital currency is more than $125 billion, with a price per coin of more than $7,305.
Ethereum, the digital token which prompted the rise of the initial coin offering (ICO), comes in second on our list of cryptocurrencies by market cap. It is significantly smaller than bitcoin, the current market cap is just shy of $50 billion, with a trading price of about $500 per token. There are just over 100.7 million ETH tokens in circulation as of this writing.
The No. 3 slot goes to the much-hyped Ripple, with a total market capitalization of more than $19.8 billion. Unlike the top two digital currencies (as well as the one directly following it), the price of each XRP token is very small. As of this writing, it’s just over 50 cents per token. On the other hand, the total number of XRP in circulation is quite high. There are over 39 billion tokens in circulation now.
Currently, Bitcoin, Etheruem, Mooncoin, Binance Coin, ATMChain, Cardano, MonaCoin, Ripple, Dogecoin, PACcoin are the first ten place holders in order.
World’s Situation in the Market
India’s situation in the market
|Name||Price||Change (in past 24 hours)||MarketCap||Volume|
|Bitcoin (BTC)||₹ 24,75,264||-2.90%||₹ 46.5T||₹ 113.1 B|
|Ethereum (ETH)||₹ 1,50,750||-5.37%||₹ 17.6T||₹ 97.1 B|
|Tether(USDT)||₹ 74.49||-0.11%||₹ 4.6T||₹ 42.3 B|
|Cardano (ADA)||₹ 97.1||-4.11%||₹ 3.1T||₹ 1.2 B|
|Ripple (XRP)||₹ 47.25||-2.31%||₹ 2.2T||₹ 16.0 B|
|Dogecoin(DOGE)||₹ 15.14||-4.64%||₹ 2.0T||₹ 100.8 B|
A daily roundup of news and information about Bitcoin, Ethereum, Dogecoin and more, this page has everything you need to know about cryptocurrency. The pricing of cryptocurrency changes very frequently and remains highly volatile. Bitcoin is the oldest and most well-known crypto token that you can buy, and in the last 24-hours, its value has changed by -3.43%. It was priced at ₹24,64,941, according to Coinbase, and is now at ₹23,80,480. Bitcoin’s market cap is now ₹44.7T.
Other Cryptocurries Today
Other cryptocurrencies are also now strong investment options and the Shiba Inu-themed Dogecoin, whose symbol is DOGE, which was initially created as a joke, is now one of the best-known tokens. It is now priced at ₹14.17, down from ₹15.22, a change of -6.90% in 24-hours. Its market cap is currently ₹1.9T.
Over the last 24 hours, Ether (ETH), the currency for the Ethereum network, went from ₹1, 50,642 to ₹1, 40,871, with a market cap of ₹16.4T. At the same time, Litecoin (LTC) moved down from ₹9,939.63 to ₹9,389.83, a change of -5.53%, with a market cap of ₹626.5B. Ripple, or XRP, is another hugely popular token, with a market cap of ₹2.1T.
Yesterday and Today
In the last day, its value has changed -4.58%, moving from ₹46.78 to ₹44.64. This page doesn’t just track the latest prices of cryptocurrency though it also has all the latest news about a cryptocurrency that you can read in one place so that you don’t just know what is happening with your investments, but also why, and can make intelligent and informed choices.
All data for the values are being sourced from CoinMarketCap, Binance, BuyUcoin, a trusted and popular platform to trade cryptocurrency. This is because crypto prices can vary slightly across providers, so using a single source for this information is very important.
Condition of Crypto Marketed Crashed in China
Bitcoin hit a fresh record high of $64,804.72 on 14 April. However, concerns over the environmental impact of bitcoin mining and regulatory crackdown in China, the world’s biggest cryptocurrency has tanked close to 50% from its all-time high. This was the beginning of the ban.
Mining Banned in China
China has banned mining in its country. Past in 2017, China banned the ICOs (Initial Coin Offerings, barred financial firms. China’s sweeping ban on cryptocurrency mining has paralysed an industry that accounts for over half of global bitcoin production, as miners dump machines in despair or seek refuge in places such as Texas or Kazakhstan. China’s State Council, or cabinet, vowed to crack down on bitcoin trading and mining in late May, seeking to fend off financial risks after the global bitcoin mania revived Chinese speculative trading in cryptocurrencies. The clampdown comes as China’s central bank is testing its own digital currency.
The Prolonging Scenario
Beijing’s call, China’s main cryptocurrency mining hubs, including Inner Mongolia, Xinjiang, Yunnan and Sichuan, have unveiled detailed measures to root out the business. Bitcoin prices plunged below $30,000 this week, less than half their peak levels hit in April, as global investors worried about disruptions in a hitherto large market.
China’s ban on bitcoin mining may see up to 90% of all mining in the country go offline, according to an estimate by Adam James, a senior editor at OKEx Insights. Bitcoin and other cryptocurrencies are created or “mined” by high-powered computers, or rigs, competing to solve complex mathematical puzzles in a process that makes intensive use of electricity.
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