Major cryptocurrencies are trading lower on Monday with Bitcoin, the world's biggest digital currency in terms of market capitalisation, slipped below $57,500 and was trading at $57,460.76 on the crypto exchange CoinDesk at 9.50 am (IST).
This is a huge fall from the record high of $69,000 that hit on November 10. Ethereum, another popular and the second-biggest cryptocurrency by market value, fell more than 4.15 percent to $4,183.14 at 9:53 am (IST), according to CoinDesk.
Shiba Inu, which grabbed the attention of the investors with stellar gains a couple of weeks ago, fell further over 5 percent to 0.000044 at 9:55 am.
Meme crypto Dogecoin also continued to be in the red for the second consecutive day, losing nearly 5 percent to $0.235341 at 9 am.
However, Solana, which recently received popularity, gained 2.88 percent to $219.18 on the exchange at 10 am.
Other cryptocurrencies such as XRP, Litecoin, Stellar, Cardano, Polkadot, and Uniswap were trading lower over the last 24 hours.
Meanwhile, El Salvador President Nayib Bukele announced on Sunday that his government will build an oceanside Bitcoin City at the base of a volcano. El Salvador became the first country in the world to adopt Bitcoin as legal tender in September this year.
Earlier, RBI Governor Shaktikanta Das said that the Reserve Bank had conveyed its "serious and major concerns" about cryptocurrencies to the government and now the Centre will have to decide on how to deal with the proliferation of such platforms.
Prime Minister Narendra Modi last week said cryptocurrencies must not fall into the “wrong hands and spoil our youth", urging all democratic nations to come together and ensure things like these do not happen. The government and the RBI have recently hinted about floating a strong regulatory control on cryptocurrency to avoid money laundering and terror financing, rather than banning it entirely.
(Edited by : Bivekananda Biswas)
First Published: IST