Bitcoin on Sunday was trading on $42.254, down 0.93 per cent in the last 24 hours. However, the biggest virtual currency tanked 11.69 per cent over the last one week. The market cap of the Bitcoin on Sunday stood at $795.22 billion. The Bitcoin and other virtual currencies have been trading in the red since last one week-thanks to the uncertainty emanating from the Evergrande’s financial crisis, the housing finance company that was on the brink of collapse and was expected to default on its payment, this sent shockwaves across the markets in the world. The uncertainty on the tapering timeline that got clarity in the US Fed meeting happened last week also weighed in on markets. In the US Fed meeting, US Fed Chief Jerome Powell announced that the tapering of asset purchase will start very soon. This enthused the markets across the country.
On the other hand, the rival currency Ethereum was trading at $2,857.18, down 2.48 per cent, and the Ether went down 16.34 per cent over the last one week. Cardano was trading in the red $2.25, down 5.25 per cent. The market cap of Cardano $72.22 billion.
The prices of cryptocurrency acted with volatility as China’s central bank on Friday announced a ban on all cryptocurrency payments and services, escalating its ongoing clampdown on bitcoin and other digital coins as it moves to roll out its own virtual currency. Chinese regulators’ latest action “strictly