Cryptocurrency prices dipped further on Wednesday as the overall market lost momentum due to global factors

The Cryptocurrency market lost steam on Wednesday, as top virtual coin prices fell further owing to global uncertainties, increasing inflation, and the ongoing Covid-19 crisis. Bitcoin, the world’s most popular cryptocurrency, was trading at $41,761.80, a 1.22 percent decrease from its value 24 hours earlier at 12:10 p.m. Bitcoin’s market capitalization has dropped below $800 billion. While the 24-hour trade volume has remained constant at $900 million. Ether, the Ethereum platform’s native token and the second-most popular cryptocurrency, has similarly fallen in value during the last 24 hours. The popular cryptocurrency’s market capitalization has dropped to $356 billion, with a 24-hour transaction volume of $734.10 million. All other minor Cryptocurrencies suffered as a result of the sluggish momentum witnessed in virtual coin marketplaces throughout the world. Market observers have advised cryptocurrency investors to act with care as the situation remains turbulent.

The administration is unlikely to introduce a cryptocurrency measure during the forthcoming Budget session. The news comes at a time when there has been speculation regarding the government’s plans to tax Cryptocurrency trading and associated investments.

The Centre intends to hold additional meetings to reach an agreement on the regulatory framework for cryptocurrency in India. The central government is awaiting the Reserve Bank of India’s (RBI) pilot launch of India’s digital currency. The launch is scheduled for a few months from now.

Here are the latest prices and trends of popular Cryptocurrencies:

Crypto Bill Unlikely in Budget Session:

According to a senior finance ministry source who talked to ET, the cryptocurrency law may not be tabled during the Budget session of Parliament. The law will take additional time, according to the official, because it is a difficult issue. The eagerly anticipated bill aims to “create a facilitative framework for the creation of the official digital currency to be issued by the Reserve Bank of India.” In addition, the proposed bill seeks to outlaw all private Cryptocurrencies in India. According to the bill’s introduction date on the Lok Sabha website, it “allows for some exclusions to promote the underlying technology of cryptocurrency and its purposes.” The bill was previously mentioned in the Centre’s legislative docket for the Winter session of Parliament, according to PTI.

The development comes at a time when there has been chatter about the government’s intention to tax cryptocurrency trade and related investments:

According to the PTI report, whenever the bill is introduced, it would be submitted to the parliamentary standing committee for further talks with stakeholders. Edul Patel, CEO and Co-founder of Mudrex, a worldwide algorithm-based crypto investing platform, commented on the current trend in the Cryptocurrency market, saying, “The global crypto market value has declined by 1%, but market volume has climbed by 1% in the last 24 hours.”

“Bitcoin and Ethereum have continued to trade below $42,000 and $3,400, respectively.” Since reaching an all-time high of $69,000 on November 10, the price of Bitcoin has slowly dropped. Large crypto investors appear to be collecting BTC despite the flat price movement. Also, other Cryptocurrencies are witnessing a similar drop.” Cardano, which surpassed BTC and ETH, has also fallen by 7%. Meanwhile, Stacks climbed by roughly 13%, while ETC and THETA increased by 7%.”