Top cryptocurrency news on November 16: Major stories on Bitcoin, crypto regulation & investing

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© Akanksha Sarma Top cryptocurrency news on November 16: Major stories on Bitcoin, crypto regulation & investing

Market BuzzBitcoin trading at less than Rs 50 lakh

Cryptocurrency prices continue to be in the red on November 16. The global cryptocurrency market cap is Rs 199.31 lakh crore, a 6.24 percent decrease over the last day, while the total crypto market volume over the last 24 hours is Rs 8,33,533 crore, which makes a 29.03 percent increase. At the time of publishing this articles, Bitcoin’s price was Rs 49,60,000. Read full here.

Big StoryAt parliamentary meet on cryptocurrency, worries over security of investors’ money come to the fore

The Parliamentary Standing Committee on Finance met with industry associations and experts to discuss matters of crypto finance on November 15. The committee was led by Bharatiya Janata Party MP and former union minister Jayant Sinha. At the meet, all parties concluded that cryptocurrency cannot be stopped, but must be regulated. There was reportedly a consensus that a regulatory mechanism should be put in place to regulate cryptocurrency. However, industry associations and stakeholders were not clear as to who should be the regulator. Read details here.

Crypto surgeHuskyX price shoots up 67,000% in less than 24 hours

The price of HuskyX, a relatively lesser-known cryptocurrency, shot up by a massive 67,000 percent in less than 24 hours. HuskyX, a day earlier, began from a small value of $0.000000008738 and climbed to $0.000001485 within 24 hours. The price was hovering around 0.0000174899 at 5:40 pm IST. The traded volume of the meme coin had crossed 3,450 percent, with tokens cumulatively valuing $1.06 million exchanging hands in a day’s period. With this unprecedented surge in its value, HuskyX has joined a list of dog-themed coins that have recently recorded an upswing in their prices within an acutely short period of time. Take a look.

AnalysisCryptocurrencies, Warren Buffett and circles of competence

Even a casual cricket fan, like me, would have been hard-pressed to escape the deluge of ads aired by crypto trading apps during the last IPL. In one ad, a “square” tells his more handsome (and famous) friend that he doesn’t understand all this Bitcoin type stuff. His savvier friend tells him not to stress out so much. After all, jumping on the bandwagon is so easy! The single biggest factor that determines the price of Dogecoin seems to be Elon Musk’s state of mind. Read more here.