Dogecoin and Bitcoin prices collapsed up to 20% on domestic platforms, As India moves to ban cryptocurrencies

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After reports that the government is preparing a bill that will ban most private tokens, cryptocurrency counters on Indian exchanges fell.

In rupee terms, Bitcoin fell down 17%, Ethereum was down 14%. Dogecoin was down almost 20%, and Polkadot was down 14%. Tether, a dollar-pegged cryptocurrency, was down about 17 percent, according to WazirX statistics.

We’re waiting for more information on the bill that will be introduced in the Parliament’s winter session. The government has made several encouraging efforts to learn about crypto. And its impact on all stakeholders, including investors, exchanges, and policymakers. As a result, we’re anticipating a crypto bill that integrates all of the inputs from those negotiations,” said Avinash Shekhar, Co-CEO of ZebPay.

The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, according to a government bulletin. It is planning to ban all private cryptocurrencies in India. However, It allows for some exceptions to promote cryptocurrency’s underlying technology and applications.

“For India, this is a significant moment. From a banking ban in 2018 to the Winter Session of Parliament listing the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021. In just three years, our country has come a long way! It demonstrates India’s determination to dominate the web 3.0 era,” said Nischal Shetty, founder of WazirX.

In the international market, prices were pretty stable. In dollar terms, Bitcoin and XRP both fell 1%, while Cardano fell 7%, according to CoinMarketCap. Binance Coin, Ethereum, and Polkadot were among the top-performing tokens.

Compared to the previous day, the global crypto market cap was down 0.36 percent to $2.56 trillion. The total crypto market volume, on the other hand, increased by nearly 9% to $126.32 billion.

Tech view by ZebPay Trade Desk

Polygon (MATIC) has surged 8% in the last 24 hours and is currently trading at $1.70. The asset is ranked 20 and has a market capitalization of $12 billion. Binance listed PlayDapp (PLA), a blockchain gaming platform that is based on and uses both the Ethereum and Polygon networks to host a growing array of interoperable games, in a recent announcement, and this is likely what triggered the MATIC surge.

Matic has been trading in a downtrend for the past month, with prices plunging nearly 35% from their previous high of $2.2 to a low of $1.443. However, the asset has found support at $1.48 (61.8 percent Fibonacci Retracement Level) and shows indications of recovery. Matic has a strong resistance zone ranging from $1.74 to $1.78; if a breakout occurs above these levels with solid volume, we may expect a significant rally, with the asset potentially reaching the $2 mark.

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