Bitcoin price plunges in India today amid RBI crackdown

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Published: April 6, 2018 2:01:22 PM

Bitcoin was trading at a price of Rs 3, 65,100 down nearly 2.5 percent in India today on Zebpay.

After 0 million NEM hack, Coincheck gets acquired by Online Brokerage firm MonexIn the month of February, Bitcoin fell below ,000.

Just after RBI (Reserve Bank of India) on Thursday announced a crackdown on cryptocurrencies in India, Bitcoin price immediately fell under $5,500-mark. Bitcoin briefly started trading at Rs 3,56,000 and Ethereum began at Rs 19,500 Rupees on India’s market. Bitcoin was trading at a price of Rs 3, 65,100 down nearly 2.5 percent in India today on Zebpay. The price of Bitcoin has plunged over 60 percent from all-time high of December. It touched nearly $20,000 on CoinDesk’s BPI in December.

In the month of February, Bitcoin fell below $6,000 and then climbed its way back to nearly $12,000 later that month. The crypto market saw a lot of volatility since then, fluctuating between $6,500 and $7,500 for most part of the last week.

In consonance with majority of central banks all across the world, RBI’s hard standing on Bitcoin is widely known. The central bank has repeatedly issued warnings against making any investments in any type of cryptocurrency including Bitcoin due to uncertainty associated with them. RBI on Thursday came down hard on the cryptocurrencies and announced that all banks and financial institutions which come under its regulations should not deal with or provide services to individual or business entities dealing with or settling virtual currencies.

BP Kanungo, Deputy Governor, RBI  told media on the sidelines of monetary policy review on Thursday that all entities regulated by RBI and which enjoy association with institutions dealing in cryptocurrencies should exit the relationship within three months.

Although RBI was critical of cryptocurrencies such as Bitcoin, its stances was very supportive of blockchain technology. Blockchain as a technology should be encouraged and it should also be exploited more, RBI Deputy Governor told media.

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