RBI bans cryptocurrencies: Effects on Cryptomarket

Deputy RBI governor, B.P. Kanungo announced on 5th April 2018, that private entities like banks should withdraw their support to cryptocurrency companies. The official news said that regulated entities such as banks and non-banking financial companies must have no links to individual or companies related to cryptocurrencies.

Effect on National Market

This news created havoc in Indian crypto market. Cryptocurrencies dipped by nearly 20-30 percent in a matter of few hours. People sold their portfolios in losses further stumbling down the crypto market. Bitcoin dropped down to 3 lakhs INR, Ripple dropped down to Rs. 25 and Ethereum came down as low as Rs. 21,000.

cryptocurrency prices from Coindelta

cryptocurrency prices from Coindelta

People expressed their outrage on twitter as well. Many people and companies expressed their outrage on twitter as well. Furthermore, many people and companies expressed their concern on various social media platforms.

People also motivated other cryptocurrency traders by

However, even though a major outrage was caused in the Indian market, the news didn’t affect the International market on a large scale. Also, the price of cryptocurrencies remained fairly stable on the International market.

 

However, one can note that the government has not yet released any official paper regarding the ban on cryptocurrency.

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