Bitcoin (BTC) Prices Look Volatile After India Ban News

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.

Keep reading

Start trading Bitcoin