The prices and popularity of cryptocurrencies have surged significantly several nations and their leaders have turned their stance on digital assets now praising them.
However, countries such as India remain unclear about regulating and legalizing digital assets, an unnamed official of the Finance Ministry of India told a known media outlet that India will not be influenced by rules, regulations, and pro-crypto discussions globally in order to structure laws for its economy.
A person aware of the fact told the outlet that the FM is fully solely to make favorable rules for its economy, and its decisions and intentions could not be tempered or influenced by the nation’s Worldwide.
It is worth noting that the Ministry dedicated to Economics Affairs has been working on a paper concerning cryptocurrencies, which is expected to be published soon.
India is among the countries with the highest taxes on cryptocurrency, and on the other hand, it is also the topper of the crypto adoption list for 2023 and 2024 simultaneously.
There are claims that if India restricts crypto and related activities officially then there are chances that illicit activities related to crypto are expected to surge and an increase in money laundering cases is expected.
It has one of the biggest crypto markets in the world, but a lack of a proper set of rules, basic understanding, and knowledge of digital assets is not letting the regional market grow at the expected pace.
Bitcoin Eyeing a Resistance Above $100k!
The recent victory of Donald Trump has sparked a boost in trading prices of several cryptocurrencies, Bitcoin crossed all its previous all-time highs reaching above the mark of $90k.
At the time of writing, BTC was trading at $97,900 adding more than 5 percent in the past 24 hours, similarly, its trading volume reached $95.20 billion surging 23. 60 percent.
It is worth noting that, BTC prices have seen a staggering growth in the past 30 days growing 45.61 percent and 164 percent in the past 52 weeks. As per market experts if the bullishness in its trading prices continues in the coming sessions it might soon be expected to cross the resistance of $120k and the next visible resistance of $150k.
Until publishing Bitcoin price, trading volume, and market capitalization are above 20, 50, 100, and 200 days exponential moving average. Earlier on November 20, 2024, it was reported that Michael Saylor the head of MicroStrategy will give a three-minute presentation to Microsoft, one of the known technology giants.
If Microsoft is impressed by Saylor’s concept there are chances that it could start its Bitcoin investment, which will strengthen the credibility of BTC worldwide. Following the unprecedented victory of Trump a sudden change in the market sentiment was observed from fear to greed.
In terms of dominance, Bitcoin is at the top of the list, dominating 61.69 percent of the vast crypto market, its dominance has surged 1.06 percent in a week, 5.70 percent in a month, and 19.16 percent YTD.
The crypto market capitalization has reached the mark of $3 trillion surpassing the economy of Brazil which is $2.21 trillion, Canada with $2.22 trillion, and Italy with $2.38 trillion.
