Donald Trump Gives Shock to Bitcoin, Price Less than USD 59,000

There has been volatility in the crypto market for the past few weeks. This is being affected by the increasing tension between some countries and macroeconomic reasons. The price of Bitcoin, the largest cryptocurrency in terms of market capitalization, fell by 1.6 percent on Tuesday to around $58,910 on international exchanges.

The crypto market has also been disappointed by the lack of mention of regulations for the crypto segment in the discussion between US presidential candidate Donald Trump and Electric Vehicle (EV) maker Tesla CEO Elon Musk. Some analysts associated with this market were hoping that Trump, who is contesting the presidential election on behalf of the Republican Party, would reiterate his support for the crypto segment. If inflation remains high in the July Consumer Price Index in the US, then the price of bitcoin may fall.

The price of Ether, the second-largest cryptocurrency, was down about 0.9 percent at around $2,651. Cryptocurrencies like Solana and XRP have risen in price. Cryptocurrencies in India are awaiting a regulatory framework to grow their business in a safe and legal manner. However, the central government has no plans to regulate this segment. The European Union (EU) and UAE have made rules for the crypto segment.

Recently, in a written reply in the Lok Sabha, Minister of State for Finance Pankaj Chaudhary had said that there is no proposal to make a law to regulate the purchase and sale of virtual assets in the near future. MP GM Harish Balayogi had questioned the government’s stand on this segment. He had asked whether the government has any proposal to bring rules to regulate the crypto segment. In response to this, Chaudhary had said, “There is no proposal to bring a law to regulate the purchase and sale of virtual digital assets. However, the Financial Intelligence Unit (FIU) has been authorized for special purposes of surveillance such as anti-money laundering.” During its presidency of the G20 last year, India collaborated with the International Monetary Fund (IMF) and the Financial Stability Board (FSB) to draft a crypto-related law for all members of the G20 group.