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Cryptocurrency updates on November 16: Bitcoin, ether, Shiba Inu, dogecoin, other cryptos slide

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The government is likely to introduce a bill on cryptocurrencies during the winter session of Parliament beginning November 29 amid various concerns over the virtual currency’s validity and usability.

Cryptocurrency updates on November 16: Bitcoin, ether, Shiba Inu, dogecoin, other cryptos slide
After surging nearly 1.5 percent to over $65000 on Monday, Bitcoin plunged over 6 percent to nearly $61,500 on Tuesday. The world’s most valuable cryptocurrency, in terms of market capitalisation, is up over 114 percent year-to-date.
Second-largest crypto Ether, which has been trading around an all-time high, also fell over 7 percent on the CoinDesk crypto exchange at 8:38 am (IST) to $4,360.17.
Shiba Inu, which spiked substentially in the recent weeks, tumbled over 2 percent to $0.000051, while meme-based cryptocurrency Dogecoin price fell more than 4 percent to $0.25, as per CoinDesk.
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Solana plunged over 5.04 percent to $229.85. Other cryptocurrencies such as XRP, Litecoin, Stellar, Cardano, Polkadot, and Uniswap were also trading with cuts over the last 24 hours.
On Sunday, Bitcoin went through a major upgrade that enables the blockchain to execute more complex transactions.
Bitcoin has been quite volatile over the year. Following the cryptocurrency crackdown in China, the cryptocurrency had fallen below $30,000 in June.
The government is likely to introduce a bill on cryptocurrencies during the winter session of Parliament beginning November 29, amid various concerns over the virtual currency’s validity and usability.
Currently, there are no particular regulations or any ban on use of cryptocurrencies in the country.
Meanwhile, Prime Minister Narendra Modi, on Saturday, held a meeting on the cryptocurrencies with senior officials and indications were that strong regulatory steps could be taken to deal with the issue.
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