Top cryptocurrency news today: BTC mining recovers from Chinese ban, NFT and more

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Cryptocurrency Prices trade in green indexes

Looks like the Cryptocurrency market is recovering from the flash crash last week as the market total capitalization jumps to $2.27 trillion from $2.20 trillion in the last 24 hours. The trading volume saw a drop from $106.65 billion to $78 billion on December 11. Bitcoin and Ethereum went to rise by 2 percent among the major cryptocurrencies.

ADA (Cardano) surged by 11 percent to Rs 111.3999, while AVAX jumped by 2 percent at Rs 6,795, on the other hand, Polkadot lose almost 2 percent and its price stands at  Rs 2,244.11.

Amid the conflicting and confusing views among stakeholders, news broke out that PM Modi will take a final decision over the regulatory framework for cryptocurrencies in the country. According to reports, A high-level meeting was held on Thursday considering all the options.

Cryptocurrency in India

Ross Ulbricht’s debut NFT sold for $6.2 million

As per reports, Imprisoned alleged dark web marketplace founder Ross Ulbricht went on to sell his debut Non-fungible token (NFT) for a whopping amount of $6.2 million (Rs47 crore).

Ross Ulbricht who is the alleged founder of the dark web marketplace Silk Road has sold his debut Non-fungible token which is a pencil sketch drawing titled Perspective at an auction. The auction kicked off at the Art Basel Miami through the SuperRare platform.

Has BTC mining recovered from the Chinese ban?

Bitcoin mining has finally recovered from the Chinese crypto ban and crackdown that took more than half the world’s miners offline earlier this year, CNBC reported. China has been the center of this industry for a long period of time. The recovery which is measured by calculating the hashrate, suggests that around 65% to 75% of the world’s bitcoin mining used happened there in China. In May, when Beijing effectively banned crypto mining, more than 50% of bitcoin’s hashrate dropped off the global network impacting the whole market.

As per Blockchain.com, the data shows that the network has completely reversed the losses as the network’s hashrate is up about 113% in the last five months.

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