A flurry of bad news about exchange inflows and an India-wide crypto ban has apparently caused a dip in Bitcoin prices. Market data, though, suggests that the drop was caused by over-leveraged longs.
On Sunday night, Reuters published an interview with a senior government official in India who stated that the nation will almost certainly ban cryptocurrency. The pending bill that could achieve that ban will be soon introduced in a right-wing-dominated parliament.
The Indian official added that, in addition to a ban on cryptocurrency trading and mining, holding cryptocurrencies will also be a criminal offense punishable by up to 10 years imprisonment. The report has reignited fear among crypto investors in India.
