Private Cryptocurrencies A Big Threat To Stability, Says RBI Governer

The Reserve Bank of India (RBI) has once again warned investors in India about the dangers of private cryptocurrencies. At a press conference on the monetary policy committee’s decision, Shaktikanta Das, the governor of the Reserve Bank of India, declared at a press conference that “cryptocurrencies have no underlying value” (asset). Not even a tulip”.

He was referring to the 17th-century tulip mania in Europe, particularly Holland, which culminated in a horrific crash.

Yet, there are increasing signs of rising acceptance of cryptocurrencies in other parts of the world as well. According to CoinDesk, BlackRock, the world’s largest asset management company, is preparing to give its clients a bitcoin trading service. The asset management firm is in charge of more than $10 trillion in assets.

The company’s comprehensive investment management platform, Aladdin (short for Asset, Liability, Debt, and Derivative Investment Network), is likely to provide crypto trading, according to the report. Many large financial services firms, such as Visa and PayPal, have actually started laying the groundwork for future crypto investments and trading choices available to their clients. In this context, policymakers are also proactively designing frameworks.

According to Coinmarketcap.com, the global crypto market cap was up 2.41 percent at $2.00 trillion at 5:14 p.m., while cryptocurrency trading volume was up to $86.51 billion.

At 5.14 p.m., Bitcoin (BTC), the world’s oldest cryptocurrency, was trading at $45,040.34, up 3%. Ethereum (ETH), the second most valuable cryptocurrency by market capitalization, increased 3.75 percent to $3,260.73.

Cardano (ADA) was up 2.05 percent at $1.21, among other notable coins. Binance Coin (BNB) was up by 1.75 per cent at $426.97, while Solana (SOL) experienced an increase of 0.36 per cent at $114.02.

The greatest gainer in 24 hours was Sonic Token (SONIC), which was ahead by 2,479.1 percent at $0.00007592. According to coinmarketcap data, the cryptocurrency that managed to lose the most was Doge Rise Up (DOGERISEUP), which saw its price fall by a huge 92.21 per cent in the previous 24 hours.

Dogecoin (DOGE) was up 0.95 percent at $0.1593.It has a volume-to-market-cap ratio of 0.04837. Shiba Inu (SHIB) rose by 4.4 percent to $0.00003322.

Dogelon Mars (ELON) was trading at $0.000001125 with a gain of 2.21 percent. Floki Inu (FLOKI), on the other hand, continued to fall, falling 2.43 percent to $0.00005213, while Samoyed Coin (SAMO) jumped 10.76 percent to $0.02998.

YFI (yearn.finance) was up 1.83 percent in the DeFi category, trading at $25,983.03. Terra (LUNA), which was down 0.52 percent at around 8.30 a.m., rose 2.58 percent to $56.93 at 5.30 p.m., according to coinmarketcap statistics.