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    Cryptocurrency updates: Bitcoin gains after falling for 5 straight sessions while Ether, Dogecoin fall 2%

    Cryptocurrency updates: Bitcoin gains after falling for 5 straight sessions while Ether, Dogecoin fall 2%

    Cryptocurrency updates: Bitcoin gains after falling for 5 straight sessions while Ether, Dogecoin fall 2%
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    By Asmita Pant   IST (Published)

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    Bitcoin was trading 0.19 percent up at $20,110.7 at 8:59 am. Bitcoin's market capitalisation was at $385.2 billion, while the trade volume was at $30.7 billion in the past 24 hours.

    Cryptocurrency tokens displayed a mixed trend on Friday after falling for fifth volatile session straight.
    World's most popular and largest cryptocurrency Bitcoin was trading 0.19 percent up at $20,110.7 at 8:59 am. Bitcoin's market capitalisation was at $385.2 billion, while the trade volume was at $30.7 billion in the past 24 hours.
    A WazirX analyst said, "The daily trend for BTC is traversing within a descending triangle pattern. The next key support is expected at $14,000."
    Second-largest virtual currency Ether was 1.2 percent down at $1,080.6 with market capitalisation of $132 billion. Trade volume of Ethereum was $18.5 billion in the last 24 hours, up from $15.6 in the last session.
    Edul Patel of Mudrex said, "Bulls managed to keep the $20,000 support level for BTC. However, with the weekend approaching we might see some bearish movement below these levels. The $1000 mark is supposedly a strong support for the largest altcoin, Ether."
    Meme crypto Dogecoin fell two percent with a trade volume of $591.1 million in 24 hours. Shiba Inu was trading almost one percent lower at $0.000010 while Solana was 4.1 percent up at $34.3 billion.
    Cryptocurrencies - A speculation under a sophisticated name
    Terming cryptocurrencies a “clear danger", Reserve Bank of India (RBI) governor Shaktikanta Das on Thursday said that anything that derives value based on make-believe, “without any underlying", is just speculation under a sophisticated name.
    Das in his foreword to RBI’s Financial Stability Report released on Thursday, said that as the financial system gets increasingly digitalised, cyber risks are growing and need special attention.
    Also, the rules regarding the tax deducted at source on virtual digital assets (VDAs) and cryptocurrencies have come into effect from Friday (July 1). The rules make it mandatory for the purchaser of a VDA to deduct 1 percent of the amount paid to the seller (resident Indian) as income tax deducted at source (TDS).
    Global stock markets extended losses on Friday. Indian headline indices made a negative start amid weak cues in Asian equities.
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