Bitcoin, Ethereum Recover; LUNA Up 19%

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The global crypto market capitalisation is down 5.53 percent over the last 24 hours to stand at $2.3 trillion. The total crypto market volume over the last 24 hours is $203.74 billion, a 48.22 percent increase.

The total volume in DeFi is currently $27.96 billion, 13.72 percent of the total crypto market 24-hour volume. The volume of all stable coins is now $162.40 billion, which is 79.71 percent of the total crypto market’s 24-hour volume.

Bitcoin’s dominance is currently 40.36 percent, a decrease of 0.75 percent over the day.

In the Indian market, Bitcoin is trading at Rs 40,77,500, down 5.7 percent. On December 4 afternoon, cryptocurrencies in India saw a significant drop. At 5:30 pm on December 4, Bitcoin was trading at Rs 34,87,515, down 18.5 percent. Other major cryptocurrencies like Ethereum (Rs 28,19,714) fell by 15.8 percent and Binance Coin (Rs 39,698) by around 15.8 percent.

Ethereum is now trading at Rs 3,39,498, down by 0.44 percent and Binance Coin at Rs 46,360, down by 3.01 percent.

Terra (LUNA) saw the highest rise. It is trading at 5,950, rising over 19 percent. Decentraland (MANA) is up by 7.61 percent (Rs 325), Sandbox by 6.85 percent (Rs 483) and Stacks (STX) by 3.86 percent (Rs 182.7).

Finance Minister Nirmala Sitharaman said on December 4 that the government would bring a ‘well-consulted’ cryptocurrency Bill.

FM Sitharaman, on the other hand, reiterated that unregulated speculation about the developments in crypto space was ‘unhealthy’.

The minister earlier clarified that there was no proposal to recognise Bitcoin as a currency. The government does not collect data on Bitcoin transactions, she said.

In November, Reserve Bank of India (RBI) Governor Shaktikanta Das said the Central bank had serious concerns over cryptocurrency from the macroeconomic and financial stability point of view.

“As far as I know the matter is under active consideration of the government and the government will decide,” Das said.

As of 7:40 am on December 5, these were the prices of various cryptocurrencies (Data from WazirX)

Cryptocurrency Price (In INR) 24-hour change (in percent)
Bitcoin 40,77,500 -5.7
Ethereum 3,39,498 -0.44
Binance Coin 46,360 -3.01
Tether Tether +1.38
Solana 16,574.47 -1.18
Avalanche 7,489.704 -11.04
Litecoin 13,352.24 -11.85
XRP 68.43 -7.66
PAXG 1,48,472 +4.92

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