Skip to main content

Bitcoin Tops $11,000 Reigniting Interest in India

Bitcoin Tops $11,000 Reigniting Interest in India

A resurgent bitcoin is rekindling Indian interest in cryptocurrencies with reports suggesting many dormant holders are back to trading.

A report in Livemint is also attributing the piqued interest to a recent Indian supreme court decision to overturn a prohibition that barred banks from dealing with cryptocurrency exchanges. The ban was imposed by the Reserve Bank of India (RBI) in April 2018.

Nischal Shetty, founder and CEO of Wazirx, a cryptocurrency exchange in India, says they are witnessing a renewed excitement.

Shetty said bitcoin’s price, which breached the $11,000 mark on Tuesday, resulted in Wazirx “seeing a big jump in our trading volume.”

Another expert, Sumit Gupta, a co-founder and CEO at Coindcx, another cryptocurrency exchange, offers a different take for the current interest in bitcoin.

According to Gupta, “the surge in bitcoin prices comes amid a rush for safe-haven assets that are considered alternatives to cash and stocks.” The “decreased supply of available bitcoin” following the halving event in May is another factor behind the price rally.

Prior to the halving, the bitcoin block reward was 12.5 bitcoins but this was reduced further to 6.25 bitcoins. This means fewer bitcoins have been released onto the market to date when compared with the same period last year.

Another expert, Ajeet Khurana, a member, Blockchain and Cryptocurrency Committee of the Internet and Mobile Association of India (IAMAI), focuses on market participants in his explanation for the price surge.

He explains:

The common investor in any asset class is primarily driven by asset price inflation. The trader in an asset class is driven by volatility, and expects to make money on price movements in both directions. For both of these, bitcoin has been a delight in the recent past.

Khurana also believes that crypto investors do not invest in other asset classes. Therefore, the rise in bitcoin prices could fuel a surge in crypto market participants, both investors and traders.

In other words, “the cult-like following of cryptocurrency gets strengthened when there is a rally in its prices.”

Meanwhile, India still does not have a regulatory framework for cryptocurrency some four months after the supreme court ruling. In addition, a draft government bill on cryptocurrencies seeks to criminalize the mere possession of cryptocurrency.

Subhash Chandra Garg, the former Finance and Economic Affairs Secretary of India, told an Indian crypto community earlier this month, that crypto assets should be regulated as commodities. Despite making these comments, Garg says he still stands by the current crypto bill.

Will clarity on crypto regulation further boost interest in bitcoin? Share your thoughts in the comments section below.

The post Bitcoin Tops $11,000 Reigniting Interest in India appeared first on Bitcoin News.



from Bitcoin News https://ift.tt/2Xa48ll
Labels:

Comments

Post a Comment

Popular posts from this blog

Deep Web Roundup: Dream Adds Monero and Bitcoin Tumbler “Chip Mixer” Launches

The darknet has been quiet of late, which is the way it’s meant to be. No news means no mega busts, honeypots, or mass market shutdowns. Even when it’s out of the spotlight though, the deep web is quietly making news, whether trialling the latest privacy coins or the newest coin mixers that promise to restore a little of the privacy that’s being stripped away from bitcoin users on a daily basis. Also read: U.S. Agency ICE Conducts Investigations That Exploit Blockchain Activity The Battle for Privacy Heats Up Privacy is all relative, but of late there’s been relatively little privacy to be enjoyed by bitcoin users. Blockchain monitoring software is becoming more sophisticated and more common, with U.S. law enforcement agencies using it to profile and hunt down deep web users. Chip Mixer is a relatively new bitcoin tumbler that’s designed to restore some of that privacy. Available on both the clearnet and darknet, the service uses a variety of techniques to obfuscate blockchain m...
10 comments
Read more

International Crypto Exchange Luno Adds Bitcoin Cash Trading

Luno exchange has added bitcoin cash trading to the platform following feedback from its client base. BCH is now only the third cryptocurrency available for trading on the exchange, in addition to BTC and ETH , but more options could be on the way once Luno determines that they are credible enough. Also Read: Bitflyer Adds Bitcoin Cash Trading Across Europe and the US Luno Adds Bitcoin Cash Trading Luno, the London-headquartered company formerly known as Bitx, recently announced that bitcoin cash was made available on its cryptocurrency exchange. Starting from Monday, September 23, customers at Luno are now able to store, buy and sell BCH on the platform. The reason given for adding BCH to the exchange is feedback from users in developing markets that convinced Luno to expand their offering from previously just BTC and ETH . Marcus Swanepoel, CEO of Luno, said , “We are in a new and exciting financial era. Developing economies are leading the large-scale adoption and appli...
Post a Comment
Read more

Ombudsman Receives Complaints About Crypto Investments in Spain

The Spanish ombudsman has been receiving complaints about cryptocurrency and how some Spanish citizens investing in these vehicles have lost everything. In his annual report, Angel Gabilondo recognized the rise of cryptocurrencies as a new problem due to the little or no regulation crypto sees in the country. In the same way, the EU has also warned about these assets recently. Spanish Ombudsman Gives His Take on Crypto Angel Gabilondo, the Spanish ombudsman, has given his take regarding cryptocurrencies and the effects they have on citizens investing in some of these projects. Gabilondo said in his yearly report that cryptocurrencies have become “a new problem” during the year examined, with many people having lost all of their funds invested. The report states : Cryptocurrency exchange companies or platforms are not regulated in the legal system, are not subject to any public supervision system, nor do they benefit from deposit guarantee systems. The affected users that sought...
Post a Comment
Read more