Bitcoin, Ethereum plunge nearly 6%

Cryptocurrency prices continue to be in the red on November 16. The global cryptocurrency market cap is Rs 199.31 lakh crores, a 6.24 percent decrease over the last day, while the total crypto market volume over the last 24 hours is Rs 8,33,533 crores, which makes a 29.03 percent increase.

Bitcoin’s price is currently Rs 50,03,493 and its dominance is currently 43.36 percent, an increase of 0.06 percent over the day.

The Parliamentary Standing Committee on Finance met with industry associations and experts to discuss matters of crypto finance on November 15. The committee was led by Bharatiya Janata Party MP and former union minister Jayant Sinha.

At the meet, all parties concluded that cryptocurrency cannot be stopped, but must be regulated, news agency ANI reported citing sources.There was reportedly a consensus that a regulatory mechanism should be put in place to regulate cryptocurrency. However, industry associations and stakeholders were not clear as to who should be the regulator.

“It’s important to balance innovation and regulation, highlights the need to

1. Ensure Investor Protection

2. Maintain Fiscal Stability

3. Ensure Adherence to FEMA and

4. Ensure cryptos aren’t used for illicit finances,” CNBC-TV18 quoted Chairman of Parliamentary Panel on Finance Jayant Sinha as saying.

Meanwhile, the price of HuskyX, a relatively lesser-known cryptocurrency, shot up by a massive 67,000 percent in less than 24 hours on November 15

HuskyX, a day earlier, began from a small value of $0.000000008738 and climbed to $0.000001485 within 24 hours. The price was hovering around 0.0000174899 at 5:40 pm IST.The traded volume of the meme coin had crossed 3,450 percent, with tokens cumulatively valuing $1.06 million exchanging hands in a day’s period.

With this unprecedented surge in its value, HuskyX has joined a list of dog-themed coins that have recently recorded an upswing in their prices within an acutely short period of time.

Despite their high-value returns, crypto analysts have warned investors against investing in meme coins without understanding the respective tokens.

As of 8.35 am on November 16, these are the prices of the largest cryptocurrencies (data from WazirX):

NAME PRICE (INR) 24H %
Bitcoin 50,03,493 -4.20%
Ethereum 3,52,926.4 -5.74%
Tether 81.02 1.89%
Cardano 158 -3.13%
Binance Coin 50,020.0 -3.43%
XRP 91.7448 -4.60%
Polkadot 3,430 -7.61%
Dogecoin 20.2 -3.25%

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