Prices of almost all coins including Bitcoin, Etherium and Dogecoin has dropped in the last 24 hours. On Wednesday, 19th May, evening Bitcoin was trading at just Rs 28.5 lakh while Etherium was trading at Rs 1.8 lakh on cryptocurrency platforms. DogeCoin price has fallen to Rs 21 while Shiba Inu coin, which was in the news recently, had dropped by over – 48 per cent to Rs 0.000710.
Co-CEO of Zebpay, Avinash Shekhar says 40% of drop might look dramatic but it is quiet normal. He says these are mainly due to short term traders making profits. He also added that for the long term traders this might serve as the right oppurtunity for buying.
China has banned financial payment institutions from providing cryptocurrency servics. According to the news agency, Reuturs Bitcoin fell to a three and a half month low on Wednesday after that.
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