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Cryptocurrency Latest News Today June 14: Bitcoin leads crypto rally, up over 12% after ELON MUSK TWEET; Check Ethereum, Polka Dot, Dogecoin, Shiba Inu and other top coins INR price -World, India updates

Mon, 14 Jun 2021-3:41 pm,

Cryptocurrency News Today June 14: In line with the recent trends, cryptocurrency market remained sluggish this weekend too, however, on Monday, Bitcoin was up 12% and was leading the rally

In line with the recent trends, cryptocurrency market remained sluggish this weekend too, however, on Monday, Bitcoin was up 12% and was leading the rally. Bitcoin was trading at Rs 29,75,528 and hit the day's high of Rs 30,06,643 after sliding to Rs 26,41,398 as day's low at 11.30 am on June 14, showed CoinSwitch data.

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What Elon Musk said about resume transactions in cryptocurrency?

Meanwhile, other coins too witnessed a decent jump and overall crypto market was up by over 8% on CoinSwitch Kuber on Monday. This came after Tesla and Space X CEO Elon Musk said that the electric carmaker will resume transactions in cryptocurrency once mining is done with more clean energy. " When there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions," Tweeted Musk refuting a report in Cointelegraph.

He was replying to Magda Wierzycka, Sygnia CEO, who alleged him for 'manipulating of crypto prices'. "This is inaccurate. Tesla only sold ~10% of holdings to confirm BTC could be liquidated easily without moving market," He tweeted in his support.

As Tesla CEO came up with his clarification over crypto price manipulation and shared Tesla's future plan for transactions in cryptocurrency, the virtual money market responded strongly on Monday. Let's check how top coins fared?

Ethereum: Rs 1,88,842, up 7.42% I 1-day high: Rs 1,92604, one-day low: Rs 1,76,356

Tether: Rs 75.8087, up 0.07% I 1-day high: Rs 77.9975, one-day low: Rs 74.6665

Polka Dot: Rs 1,649.35, up 7.46% I 1-day high: Rs 1703.50, one-day low: Rs 1537.55

Dogecoin: Rs 24.663369, up Rs 5.17% I 1-day high: Rs 25.201188, one-day low: Rs 23.516663

Shiba Inu: Rs 0.000518, up Rs 8.80% I 1-day high: Rs 0.000544, one-day low: Rs 0.000465

What RBI says about trading in cryptocurrencies in India?

Those investing in cryptocurrencies in India should know that crypto trading is not banned in India, however, the Reserve Bank of India (RBI) continues to maintain its reservations as far as trading in these coins are concerned. On May 31, RBI had earlier asked banks not to cite its 2018 circular that prohibited banks and NBFCs from dealing in crypto business. It said 2018 circular on cryptocurrencies has been set aside by the Supreme Court (SC) in March 2020. "The circular is not valid from the date of the SC order and cannot be cited or quoted from, "the RBI said.

However, RBI Governor Shaktikanta Das later said the central bank’s view on cryptocurrencies like Bitcoin remains unchanged and it continues to have “major concerns” on the volatile instruments.

“There is no change in RBI’s position (on cryptocurrencies). Our circular clarifies the position very well,” PTI reported RBI Governor making this statement.