Cryptocurrency news: Binance Coin gains 3.3%, Bitcoin adds 0.8%

Six of the top ten cryptocurrencies were trading in green on Thursday, with Binance Coin showing the highest gain of 3.37% to $603.64, while the world’s oldest and largest cryptocurrency Bitcoin increased 0.86% to $57,150.44.

The world’s second largest token Ethereum gained 0.23% to $4,2844.22. USD Coin increased 0.10% to $1.00.

Among other virtual currencies in the top-10 list, Solana slumped 5.72% to $205.99. Polkadot slipped 3.35% to $38.39. Dogecoin declined 3.03% to $0.21. In terms of ranking, all the cryptocurrencies retained their previous slots.

Cryptocurrency prices

*All prices as of 25 th November 2021, at 12:20 PM, Table Source: Coinmarketcap.com, For rupee values: WazirX

New cryptocurrency bill likely to ban private players

During the winter session of the parliament beginning on November 29, the government will introduce a bill which will ban all private cryptocurrencies, along with 25 other pieces of legislation.

The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, which is yet to be officially approved by the cabinet, that seeks to create a framework that facilitates the creation of the official digital currency to be issued by the Reserve Bank of India (RBI).

The Ministry of Finance has not been open about the bill, which had been readied for cabinet’s approval as early as August. The central bank is looking to launch a pilot project for an official digital currency soon.