Just a couple of days back, Bitcoin price in India had crossed a psychologically important $11,500-mark.
Bitcoin, the popular cryptocurrency and global payment system, was trading today at $11.285.20 down by 1.29 percent on CoinDesk at the time of writing the report. The highest that Bitcoin price touched today is $11,658.87. This comes at a time when just days back the Bank of England had issued a warning about an imminent regulatory crackdown on the digital currency. Just a couple of days back, Bitcoin had crossed a psychologically important $11,500-mark. The cryptocurrencies including Bitcoin attract regulatory crackdown since they are failing to meet the most basic function as money. The time has finally come to regulate the cryptocurrencies so as to tackle the illegal activities, The Bank of England Governor Mark Carney had said. Already, cryptocurrencies are facing lots of flak worldwide due to the ease with which it can be misused for drug dealing, money laundering and terrorism financing.
Bitcoin plunged from overnight $11,658 level to $11,261. Despite recovering somewhat in the recent weeks, Bitcoin price remains down to nearly 15 percent since the beginning of 2018. Not only Bitcoin, other famous cryptocurrencies such as Ripple, the third biggest digital cryptocurrency in terms of market capitalisation, have suffered a rough start to this year. In the Christmas month last year, Bitcoin price nearly touched the $20,000-mark only to crash by more than half in the starting of the year. It even dropped toi $5,000-level. Since then it has been hovering around $11,000-mark.
Ripple partnered with Moneygram, IndusInd Bank, IDT & Mercury FX, SBI Holdings, and other projects in the beginning of 2018. As per a report by GlobalCoin, Ripple will be implemented into many banking system so as to support global cross payments in near real time. Ripple is also working to add extra features to enable even stronger security in financial institutions in China, Brazil, and India. There are nearly 15 cryptocurrency exchanges working in India at the moment. A trade can choose ‘buy’ and ‘sell’ option on these coins. Zebpay, Unicorn and Coinbase are a few of the famous Bitcoin exchanges in India. Cryptocurrencies such Bitcoins are not legal tender in India, Finance Minister Arun Jaitley said during his budget 2018 speech.