New Delhi (Business Desk): The decline in the cryptocurrency bitcoin continues. On Tuesday, after falling 47 percent from its record level of 19,500, Bitcoin has seen a huge decline of 50 percent on Wednesday. This is the biggest decline since November last year. Bitcoin’s lowest price was $ 9311 on Wednesday night.
As a result, prices of all other crypto currency have also declined. According to the Coinmarketcap, other legendary cryptosystems have also seen decline. Ethiopia got a weakness of 28 per cent, while Bitcoin cache is down 31 per cent. At the same time, Light Coin 29 percent, Dash 24 percent and Monero 30 percent are weak. Similarly, ripple has declined by 40 percent.
Why this fall?-
Due to the threat of regulatory stability across the world, this decline has come down. South Korea’s finance minister has indicated signs of banning betoken. After this statement, it is being said in the currency that due to this fall, Bitcoin’s market cap has lost $ 100 billion. For instance, 6.5 lakh crore people have sunk in 24 hours.
What is the bitcoin?
Ajay Kedia, chief of the Kedia Commodity, said that the first thing is that bitcoine is not a currency. According to the definition of currency, the currency of any country does not bounce up to three times in a few weeks, because the currency is stable and used in transactions. Bitcoin recently reached the level of $ 11000 and after that it fell to 9000 dollars. However, after a few days, it crossed the $ 19,500 mark. There is no such fluctuation in any currency. Such impairment can usually come in an investment option.
Understand the risk of not profitable bitcoin:
Kedia said that the manner in which Sebi-like regulator has been set up to monitor stock market but there is no regulator for Bitcoin. It operates a private player internationally. As you all know, Bitcoin is procured through a digital medium. In such a case, if someone hacks your system and steals your bitcoin, then who will you listen to your complaint? Kedia said that the RBI has recently said in keeping with the investors of India that it is completely illegal and should not invest in it. The central bank says that he does not know bitcoin nor does he regulate it.
