The total cryptocurrency market capitalization dropped to $2.20 trillion from $2.27 trillion during the last 24 hours, while the trading volume rose to $106.65 billion from $105.35 billion on Friday, 10 December.

Among major cryptocurrencies globally, Bitcoin declined marginally by 1.05 percent to Rs 38,96,376, while Ethereum dropped nearly 5% to Rs 3,22,112.

Cardano and Avalanche fell over 6% each to Rs 99.89 and Rs 6,524 respectively, while Polkadot advanced a little over 1% to Rs 2,258. Litecoin traded at Rs 12,340-levels, down nearly 1 percent over the last 24-hours.

Prime Minister Narendra Modi said on Friday that emerging technologies such as cryptocurrencies should be used to empower democracy, not undermine it, reported. Policymakers in India say unregulated transactions in digital currencies could hurt macroeconomic and financial stability. After initially planning to ban cryptocurrencies, the Modi government is instead considering legislation to regulate their use.

There are an estimated 15 million to 20 million cryptocurrency investors in India, with total crypto holdings of around 400 billion Indian rupees ($5.29 billion), according to industry estimates. However, the government does not provide any official data, the report added.

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