Bitcoin Price In India Today Slightly Up After Sudden Market Crash Amid Panic

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Amid the news of the soon to be government regulated cryptocurrency, crypto investors had been in panic mode for a day. The prices of Bitcoin, Solana and other cryptocurrencies fell a day ago, but edged up slightly on Thursday, November 25, as markets started to stabilize after the initial ripple effect. The government two days ago listed a bill to be introduced in the winter session of Parliament. The bill, “Cryptocurrency and the Regulation of Official Digital Currency,” sought to ban private digital tokens to a few and instead introduce the Central Bank’s Reserve Bank digital currency instead. ‘India.

Bitcoin was trading at Rs 4,369,008 in the Indian market, crypto trading website WazirX showed. This is a slight increase from the 34,000,000 mark that the world’s largest cryptocurrency recorded on Wednesday, November 24. Cryptocurrency prices in the Indian market fell as much as 20% on Wednesday as panic-mode investors began to sell their assets.

“On Tuesday night we saw huge sales in the Rupee (INR-crypto) market on WazirX. We saw a 15-20% drop in prices once investors launched into panic selling. However, the market is showing a recovery and is currently at a 3-4% discount. A similar gut reaction was seen in January, when the contents of the bill were leaked, “WazirX CEO Nischal Shetty said as quoted by Times of India.

A bill banning all private cryptocurrencies in India, with some expectations to promote blockchain technology, will be introduced in the next winter session of parliament, the government said. “The bill also seeks to ban all private cryptocurrencies in India, however, it allows certain exceptions to promote the underlying technology of the cryptocurrency and its uses,” the published legislative affairs bulletin said. on the Lok Sabha website.

The Reserve Bank is also considering launching its own digital currency. “Create a framework facilitating the creation of the official digital currency to be issued by the Reserve Bank of India,” he added. The Lok Sabha bulletin did not provide any further details on the Cryptocurrency Bill and the Official Digital Currency Regulation, 2021.

According to a report from CNBC TV18, former RBI Governor Raghuram Rajan said that of the 600 strange cryptocurrencies that exist in the Indian crypto market, only two or three will survive after the enactment of the next bill.

“If things only have value because they’re going to be more expensive down the line, it’s a bubble,” Rajan told CNBC-TV18, “… a lot of cryptos don’t have value. value only because there is a bigger fool ready to buy. “

The former governor of the RBI compared the current craze for cryptocurrency in India to that of the tulip craze in the Netherlands in the 17th century.

But in the current scenario, experts are urging investors not to panic a decision.

“The crypto industry is hopeful that the government will involve industry stakeholders when drafting the bill. At CoinSwitch Kuber, we will follow the instructions provided by the government. For now, I urge all crypto asset investors across the country to stay calm, do their own research before coming to a rushed conclusion. Investors should wait for a government statement on this and not rely on secondary sources of information, ”said Ashish Singhal, Founder and CEO of CoinSwitch Kuber.

The government has repeatedly assured that it will not ban cryptocurrency entirely in India and that only private coins will be regulated. A regulatory mechanism will be put in place so that crypto is not misused. The government is concerned about the underground transactions taking place against the cryptocurrency – particularly its role in ‘hawala’ and the financing of terrorism, ”sources told CNN-News18 on Wednesday.

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