Crypto market in red, bitcoin declines to usd 96,100, Ether weakens 2 percent

The crypto market was declined on Wednesday as Federal Reserve in the US indicated to cut the interest rates early. The largest cryptocurrency bitcoin’s price has fallen by more than 1.50 percent in terms of market value. Jerome Powell, chairman of the Federal Reserve, has said that there will be no hurry to reduce interest rates.

International Crypto Exchange after publishing this report Binance But the price of bitcoin fell more than 1.50 percent to about $ 96,160. The price of the second largest cryptocurrency Ether was trading about two percent to about 2,634 $ 2,634. Other declining cryptocurrency included solana, polkadot, tron, litecoin, steellar and XRP. In the last one day, Crypto’s market capitalization declined by about 2.80 percent to about 3.15 million million dollars.

Market Analysts say that the indication of the Federal Reserve not reducing the interest rates has affected bitcoin. Traders in the Ether are less than other cryptocurrencies. Ether has declined significantly compared to bitcoin. For this, there is a strong resistance at $ 3,000. Recently, the US Securities and Exchange Commission (SEC) had reported that a task force has been created for the purpose of creating a regulatory framework for the Crypto segment. The central government’s stand on cryptocurrency in India has been strict. The Reserve Bank of India (RBI) has also demanded a ban on cryptocurrency. Dubai’s Crypto Exchange Bybit has reported that it has paid a fine of more than nine crore rupees in India. The Financial Intelligence Unit (FIU) imposed the fine on bybit for not following the rules. Along with this, this Crypto Exchange has also registered with FIU.

It is necessary to register with FIU for all crypto firms doing business in the country. Recently, bybit had informed its customers in the country that it is stopping his services temporarily. After this, FIU had said that this exchange did not follow the Prevention of Money Laundering Act (PMLA) and would have to pay a fine of about Rs 9.27 crore. Bybit has reported that it has completed regulatory shortcomings along with paying the fine.