Coronavirus affects bitcoin 40% drop
MONEY-AMNEWS247! The market slowdown due to coronavirus has (bitcoin news today) also affected the cryptocurrency. Its value has decreased by 40 percent in the last 24 hours. According to Coinmarket.com, (coinmarketcap.com) its total market cap at one time was $ 93.5 million billion. At the same time, according to Singapore time, between 10 am Thursday to 10 am Friday, the value of bitcoin had also decreased by 48 percent and the value of 1 bitcoin was reduced to $ 4000. However, later on Saturday evening, its price returned to $ 5500 per coin. The Supreme Court on 5 March recognized cryptocurrency in India.
What is cryptocurrency? (bitcoin news today)
Cryptocurrency is a digital currency. It can be transacted worldwide through online medium. Encryption technology is used to regulate it. It is not issued by any central bank, lending institution or any e-paisa institution. In this sense, virtual currency is a kind of uncontrolled digital money. Only those who make it issue and control it. As of February 2018, there were 5 million traders and 24 exchanges active in the cryptocurrency business in India. Many of the world’s regulatory bodies have warned against trading in major cryptocurrency bitcoins, while some countries support it. In 2017, Japan gave Bitcoin legal currency status.
Bitcoin rose 50% this year before this decline
Bitcoin is the most run and valued cryptocurrency in the world. This year it has gained 50%. For the first time since October 2019, bitcoin reached 10,000 dollars (7.30 lakh rupees) in the previous days. The current value is $ 8,793 (Rs 6.42 lakh). The second cryptocurrency is also growing this year. Ethereum’s value has doubled and Ripple’s XRP has gained 75%.
How many cryptocurrencies are in circulation around the world
Around 2,957 cryptocurrencies such as Bitcoin, Ethereum and Cardno are in circulation worldwide. According to Yahoo Finance, as of October 2019, the market cap of currency traders doing these trades was 16.25 lakh crore rupees ($ 221 billion). The top 10 crypto currencies represent about 85% of the total market value.