Major digital tokens traded in the red on Thursday amid rising inflationary worries and looming fears of recession continued to weigh on traders' sentiments and cryptocurrencies are grappling to get over them.
Bitcoin, the world’s favourite cryptocurrency declined 0.22 percent to $30,390. In rupee terms, Bitcoin fell 0.14 percent to trade at ₹2,362,993 at 5:20 pm (IST), according to CoinDesk data.
Ether, the world’s second-largest cryptocurrency in terms of market capitalization, which is linked to the Ethereum blockchain, also fell 0.13 percent to $1,806. In rupee terms, Ethereum tumbled 0.19 percent to trade at ₹140,321.
The global cryptocurrency market cap is ₹96.96 Trillion, a 0.06% decrease over the last day. The total crypto market volume over the last 24 hours is $4.96 Tillion, a 29.85 percent decrease as per CoinMarketCap.com.
Meanwhile, Chief Economic Adviser V Anantha Nageswaran said on Thursday that the crypto currencies have yet to pass the test to become fiat currency and at the same time it would be difficult to regulate them.
He further said that unlike fiat money, crypto currencies cannot satisfy basic requirements such as having store value, widespread acceptability and unit of account.