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Bitcoin Trade Drops in India Amid Uncertainty and Clampdown

March 21, 2018 |

Bitcoin Trade Drops in India amid Uncertainty and Clampdown

Regulatory pressures and a broadening bank clampdown have seriously affected cryptocurrency exchanges in India. Their representatives claim bitcoin trading has dropped as much as 90 percent in the last two months. Cryptos are not considered legal tender in the country and authorities have demonstrated a negative attitude towards their use. At the same time, leading Indian banks have taken steps to limit exchange operations even before any rules mandating such policies are adopted.

Also read: India Can’t Regulate Bitcoin Says Official

Regulatory Uncertainty, Hostile Attitude

Indian trading platforms have suffered from great uncertainty about the future of cryptocurrencies in the country. Authorities in Delhi have issued multiple warnings and have threatened to stifle the use of digital money for illicit purposes. They have repeatedly stated that cryptos, like bitcoin, are not considered legal tender in India. However, neither an outright ban, nor any clear regulations have been adopted to this day. While the work on a comprehensive legal framework continues, after unfulfilled promises that new regulations would be unveiled soon, some officials have recognized that it is proving impossible to effectively regulate cryptocurrencies.

Bitcoin Trade Drops in India amid Uncertainty and ClampdownDespite the absence of government regulations, Indian banks have taken matters into their own hands. Without any mandate from the Reserve Bank of India (RBI), commercial banks have been tightening the clamp on crypto trading. The country’s biggest financial institutions, including Citibank, ICICI Bank, HDFC Bank, Kotak Mahindra Bank, and the State Bank of India, have already suspended trading accounts of bitcoin exchanges. They have also imposed measures to restrict crypto-related transactions conducted by ordinary citizens, with two banks notifying customers they cannot use their credit, debit and prepaid cards to purchase cryptocurrencies.

The regulatory uncertainty and the hostile attitude have caused a significant decrease in transactions on local bitcoin trading platforms, the Economic Times reported. “There is a 90 percent drop in the volume of trade across all Indian exchanges,” chief executive of Coinsecure, Mohit Kalra, told ET. “Our volumes are down from around 300-400 bitcoins daily in December to about 30-40 bitcoins a day now,” he added describing a 10-fold decrease.

Banks Accused of Disruptive Behavior

The actions of Indian banks mirror similar moves by some of the world’s biggest banks, like JP Morgan Chase, Bank of America and Citigroup. Last month they banned crypto purchases with their credit cards, justifying the measure with concerns about defaults due to dropping crypto values. Representatives of the Indian crypto industry have accused local banks of “irresponsible overreach”, “unilateral decisions”, and “disruptive stance”. “Without any clear mandate from regulators, asking us to close down our accounts, while refusing to give the reason in writing, is just disruptive to our business,” said Ajeet Khurana who is heading the Blockchain and Cryptocurrency Committee of India (BACC). The organization is working to introduce self-regulation in the sector.

Customers are panicking and getting agitated, as they are not able to receive their money.

That’s how the chief executive of another Indian exchange, Bixoxo, described the situation. “We are struggling to offer withdrawal services since our bank accounts are being shut. This has caused delays of up to one week for no mistake of ours”, said Hesham Rehman. “Our average volume has dropped from 300 – 500 bitcoins to 20 – 30 bitcoins now”, he added. The daily trading volumes of top Indian exchanges, like Zebpay and Koinex, have also decreased from 1,000 to 300-500 bitcoins.

Bitcoin Trade Drops in India amid Uncertainty and ClampdownAccording to Zebpay’s CEO Nischint Sanghavi, promoting the use of banking channels actually enables tracking and taxing cryptocurrencies. Banning it would not serve the purpose of curbing illegitimate transactions, he warmed. Sanghavi believes that know your customer procedures and anti-money laundering measures implemented by Indian exchanges can only aid the efforts to keep track of money flows.

The hostile environment has already forced two Indian platforms to suspend operations. Btcxindia and Ethexindia, serving about 35,000 customers, halted cryptocurrency trading on March 5. As previously reported, more and more Indians have been trying to buy cryptocurrencies from abroad through overseas accounts of relatives and friends. Others have resorted to cash-based trading to acquire bitcoins or other cryptos. According to some reports, a new law banning unregulated deposits is on the way. If such legislation is adopted in India without provisions to legalize the crypto sector, these trends are likely to continue to evolve.

Do you expect the clampdown on cryptocurrency trade in India to continue? Share your thoughts in the comments section below.   

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The post Bitcoin Trade Drops in India Amid Uncertainty and Clampdown appeared first on Bitcoin News.

Bitcoin News

Markets Update: Cryptocurrency Prices Rebound But Uncertainty Still Lingers

January 20, 2018 |

Markets Update: Crypto Prices Rebound But Uncertainty Still Lingers

After the past few weeks of bearish market sentiment within the cryptocurrency economy, a wide variety of digital assets are starting to gain higher values. BTC/USD markets have hit a 24-hour high of $ 13,050 on January 20, after slowing creeping upwards from the low $ 10K range. Overall nearly every token market is up today anywhere between 2-50 percent higher than yesterday.

Also read: Japan’s GDP Grows Due to Bitcoin Wealth Effect

The Market Storm Has Subsided, But What Lies Ahead Is Whole Lot of Uncertainty

Markets Update: Crypto Prices Rebound But Uncertainty Still LingersCryptocurrency markets have seemingly reversed the downward trend in value and have started to gain steam again. At the moment bitcoin core markets are hovering around $ 12,650-12,950 for the three hours. Volume is decent for a Saturday, as BTC markets are seeing roughly $ 11.6Bn in global trade volume while bitcoin core, ethereum, and tether are hold the highest trade volumes today. The top exchanges swapping the most BTC this weekend include Upbit, Bitfinex, Okex, Bithumb, and Binance. The South Korean exchange Upbit has been trading some notable volumes over the past few weeks and has become one of the largest exchanges worldwide.

Over the past few weeks, the U.S. dollar has been the top nation state issued currency traded with BTC. However this week Japan has taken the lead once again, as the yen now captures 36 percent of the global trade volume. This is followed by the USD (32%), tether (USDT 12.8%), the Korean won (7.5%), and the euro (4.9%). The most popular traded cryptocurrency paired with BTC on Shapeshift is still ethereum. The overall market capitalization of all 1,469 digital assets is $ 635Bn, and bitcoin core markets dominate by 34 percent at the time of writing.

Technical Indicators

Looking at the charts things are a bit more bullish than a few days prior. Volume is definitely not as strong but buyers are controlling the market, and BTC/USD market values continue to rise. At the moment there is deep resistance right now at the $ 13,000-13,150 zone but bulls have been slowly chipping away at those orders. It’s safe to say that BTC is struggling to break past crucial resistance levels which could lead to a sell-off point if things cannot hold.  

Markets Update: Crypto Prices Rebound But Uncertainty Still Lingers
RSI and Stochastic levels.

Currently, the two Simple Moving Averages (SMA) have changed courses since our last markets update. The short-term 100 SMA is still below the longer term 200 SMA which indicates the path to resistance will likely head southbound. However, both RSI and Stochastic oscillators are headed northbound showing more room for price improvements, but there’s also room to drop as well. At present order books show thicker sell walls above the $ 13,500 territory alongside even more in the $ 14K regions. On the backside, there is excellent support at the $ 12,200 through $ 11,900 zones, but after that, the books start to thin out. A lot of traders believe the storm is not over and expected a ‘dead cat bounce’ at $ 13K. These negative speculators think bitcoin could range between $ 9,000 to even $ 5,000 in the short term. More optimistic traders believe the storm is over and we should be heading towards the $ 16K zone over the next week while also reaching all new highs next month.

Markets Update: Crypto Prices Rebound But Uncertainty Still Lingers
The price of BTC couldn’t hold above $ 13K and has started to head downwards slightly. The price per BTC at press time is $ 12,740 USD.

Cryptocurrency Markets In General

As mentioned above most cryptocurrency markets are doing very well, and only tether is suffering today because many traders have exited that strategy so they can plot new positions. The second highest market cap is still held by ethereum (ETH) as the market value is up 12 percent. One ETH is averaging $ 1,163 per token, and the market is the second most traded cryptocurrency today. The third position is held by ripple (XRP) as its markets are up 4 percent and each XRP is priced at $ 1.60. Bitcoin cash BCH markets are up by 13.9 percent, and the currency is seeing over $ 800Mn in global trade volume presently. One BCH has an average price of around 2,014 per coin, and the market has a valuation of around $ 34Bn. Lastly, the fifth highest market cap is still controlled by Cardano (ADA) as markets are up 12 percent and each token is priced at $ 0.71 per ADA.

Markets Update: Crypto Prices Rebound But Uncertainty Still Lingers

Again many traders are uncertain of the short-term future that lies ahead as far as government crackdowns and reaching all-time highs. Many agree that so far bear market sentiment may not be over yet and newer lows could happen. If the price can breach past $ 14-15K rigorously, then the trend reversal could have more of a solid foundation. Bulls are maintaining some momentum at the moment, and the next 24-hours may show some clearer signs.

Where do you see the price of BTC and other digital assets heading from here? Do you think cryptocurrencies will see more gains? Let us know in the comments below.

Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”

Images courtesy of Pixabay, Bitcoin Wisdom, Coinmarketcap, Reddit, and Bitstamp.

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The post Markets Update: Cryptocurrency Prices Rebound But Uncertainty Still Lingers appeared first on Bitcoin News.

Bitcoin News

DoorDash’s Tony Xu finds uncertainty delivers growth

January 12, 2018 |

DoorDash is a fast-growing food-delivery service based in the Bay Area, operating in Los Angeles and several other large cities.
L.A. Times – Business

Eurozone Businesses, Consumers Undeterred by Political Uncertainty

October 31, 2017 |

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Brexit showdown bringing uncertainty to UK

October 26, 2017 |

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October 9, 2017 |

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August 24, 2017 |

Immigration to the U.K. from the European Union slowed sharply in the year through March, while business investment in the second quarter was flat, highlighting how last year’s Brexit vote is weighing on the British economy. What’s News Europe

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August 7, 2017 |

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Health Insurers See New Uncertainty After GOP Bill’s Collapse

July 18, 2017 |

The apparent collapse of Republican efforts to replace the Affordable Care Act creates a new wave of uncertainty for the health-care industry, particularly for insurers offering plans to consumers on the law’s exchanges. US Business

U.K. Faces Prolonged Political Uncertainty

June 11, 2017 |

Prime Minister Theresa May’s ability to stay in office or to govern effectively was in question as her Conservative Party sought to form a minority administration propped up by Northern Irish lawmakers following last week’s setback in parliamentary elections. What’s News Europe