The crypto market is in recovery mode in terms of the rupee. Bitcoin gained 9%, Ethereum surged 8%, and Dogecoin saw its value increasing by 5% (WazirX data). The sharp surge comes after the market witnessed a sudden crash over the past day following cryptocurrency ban updates by India.
The crypto market saw mixed price actions on Thursday as India plans to prohibit private cryptocurrencies. However, most market players took that as a dip-buying opportunity.
Binance Coin (BNB) was among the top gainers, surging more than 4%. According to Coinmarketcap data, Bitcoin gained more than 1% as Ethereum climbed to the green zone. On the other hand, Solana leads the losers in the large-cap token, dropping almost %5. Dogecoin and Polkadot also lost more than 2%.
In terms of the rupee, Bitcoin gained more than 9%, ETH 8%, and Dogecoin 5% (WazirX data). The sharp upswing comes after the crypto space saw a crash over the past day, triggered by token ban news.
Earlier yesterday, government updates indicated that the Crypto and Regulation bill 2021 aimed to ban all private digital coins in India. However, it will have some exceptions to endorse the underlying crypto technology and its uses.
ZebPay CEO Avinash Shekhar said that market participants are waiting for more details on the crypto bill during Parliament’s winter session. Keep in mind that the government has taken multiple positive steps to understand cryptocurrency and its effect on policymakers, exchanges, investors, and stakeholders. With that, the CEO believes that the bill will consider all the necessary inputs.
The total cryptocurrency market capitalization gained 0.74% to stand at $2.59 trillion. On the other part, the total market volume increased by around 8% to $103.7 billion.
Polygon is one of the popular Layer2 networks in the crypto market. Several factors contribute to the crypto’s popularity – adopted by leading crypto projects, support by big names such as Mark Cuban, and its high-end offerings. As a Layer2 network, it ensures cheap and efficient transactions running on the ETH chain. That helps with critical adoption needs and scalability.
As the Indian market experiences, FUD driven by speculations on the upcoming cryptocurrency regulations, home projects such as Polygon (MATIC) see impressive performances, leading gainers over this week. For now, MATIC forms a symmetrical triangle and a massive climbing parallel channel, suggesting upside actions.