The government of India has began a crackdown on the use of cryptocurrencies in the country which includes closing down dealers of the digital currency and more regulatory actions.
With the US-baed derivatives marketplace operator CME Group planning to offer futures later this year, the idea of just now regulating the market is something that doesn’t fully make sense. With something as large as this occurring in the market, it only seems as though it will go up in price as time goes on.
As of Thursday, November 2nd, the largest cryptocurrency in the world by market capitalization, Bitcoin, was trading at an extremely high record amount of $6,938.
For those who don’t know, cryptocurrencies are digital currencies that use the technology of cryptography to regulate how new currency is generated. The oldest of these currencies is Bitcoin, as well as the most well known.
The currencies trading around the world has become extremely popular as many see the high amount of potential to get great returns. This is opposed by the high amount of government bodies that are attempting to regulate its use. Although these government’s are trying to ban the currency, experts continue to say that banning the exchanges and dealers will do nothing to stop the currencies use.
The aggregate value of all cryptocurrencies around the world went up to a high record number of over $184 billion as of the first of November according to the market website coinmarketcap.com. This means that the industry has a combined value worth more than Goldman Sachs and Morgan Stanley combined.
While many are trying to destroy the industry on cryptocurrency for reasons that are not too sensical, others are building the market to a place that it has never been.