Cryptocurrency news: Cardano loses 6.1%, Bitcoin slips 4.5%

Six of the top ten cryptocurrencies were trading in red on Wednesday, with Cardano showing the highest decline of 6.12% to $1.69, while the world’s oldest and largest cryptocurrency Bitcoin showed a decline of 4.51% to $56,769.96.

XRP fell 0.15% to $1.04. Similarly, Polkadot slipped 0.42% to $39.64.

Among other virtual currencies in the top-10 list, The second-largest token Ethereum added 3.07% to $4, 227.12. Binance Coin gained 3.30% to $583.22. In terms of ranking, all the cryptocurrencies retained their previous slots, except for Dogecoin which displaced Avalanche in the tenth position.

Cryptocurrency prices

*All prices as of 24th November 2021, at 12:38 AM, 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.