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NEW INTENDED BILL CRASHES CRYPTO PRICES IN INDIA

Crypto prices in India crashed soon after the parliament announced to introduce 26 new bills in the Winter Session, which included The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021. This bill seeks a legislative vote on creating an official digital Currency while it imposes a ban on “all private cryptocurrencies.”

This announcement caused panic selling on major crypto exchange WazirX, resulting in a massive price drop on leading cryptocurrencies including Bitcoin (BTC) and Ether (ETH). 

There was a mass sell-off on WazirX in the morning of Nov. 24 at 3:30 a.m. UTC tanked the price of Bitcoin from nearly Rs. 4,600,000 ($61,820.73) to Rs. 3,917,659 ($52,650.55), a drop of –14.8% within two hours. Similarly, other popular tokens including Ether and Cardano (ADA) experienced double-digit price depreciation locally on the exchange as reported by Cointelegraph

Jay Hao, CEO of crypto exchange OKEx, says

“India is home to the highest number of crypto owners in the world and the onus lies on the government to protect the interest of a large number of crypto investors in the country.”

Bitcoin price crash on WazirX. Sourc wase: WazirX

BTC Markets CEO Caroline Bowler also adds that the ban won’t work in the long-term and it could be a step backward, he also added that “banning is not an option to protect investor interest.” As he says per Cointelegraph

The thing with cryptocurrency is that while governments may try to ban it or try to contain it, the very decentralised nature of the technology somewhat prohibits that.

Indians are advised to have faith in the system and not panic.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.