India makes up a tiny amount of the crypto space, I would be looking more at the G20 regulation talks and the audit of Tether as bigger reasons than Indian news
G20 talks start today, continue on till the 9th.
Topic: Bitcoin falling because of Indians (Read 192 times)
This could be a factor, as pretty much every news piece concerning Bitcoin is, but I doubt that this is the main, or even a major one. India is huge with a big population, but it can't move the market as much as major players like South Korea can.
You can check out currency - Bitcoin trading by volume over at:
https://www.cryptocompare.com/coins/btc/analysis/USD
and you'll see that INR doesn't account for too much, which signifies that India isn't a big Bitcoin market, which further signifies that a sell-off from India shouldn't be drastic enough to make everything in the market bleed as bad as they're bleeding.
You can check out currency - Bitcoin trading by volume over at:
https://www.cryptocompare.com/coins/btc/analysis/USD
and you'll see that INR doesn't account for too much, which signifies that India isn't a big Bitcoin market, which further signifies that a sell-off from India shouldn't be drastic enough to make everything in the market bleed as bad as they're bleeding.
Misinterpreting information or wrongly presenting it can have damaging consequences. To however think that the prices are dipping because of the Indians is a conclusion that is over the bar and not correct. India's market volume though big is NOT solely responsible for bitcoin.
The negativity of the government and this what the result is, instead of riding the flow of the cryptocurrency they see it as a threat to a fiat currency and so they banned it . Lots of fake news im seeing this recent times as browsing to my social media accounts and i think the government are behind that anomaly affecting the whole cryptocurrency. I think the ICO scams are also made by the government and just hiring people to do that.
true about India and all that but the drop is more complicated than just negative news and panic at this point in my opinion. a lot of manipulation has gone into it to push it down and now it is on a slippery slide, specially because people are no longer sure about the bottom and the current trend so the buy support is no longer as strong as it normally is.
bad news is yet another excuse for people to become sure of the downtrend and continue their dumps/shorts.
p.s. on the other node have you seen how the old FUD relics are being brought out of the attic these days?
bad news is yet another excuse for people to become sure of the downtrend and continue their dumps/shorts.
p.s. on the other node have you seen how the old FUD relics are being brought out of the attic these days?
I think this news has seriously affected the market, and India has not banned bitcoin transactions, it is just a strict monitoring of bitcoin and other password transactions.
If India bans bitcoin transactions, bitcoin will not work in India, but the fact remains that bitcoin can still work in India.
It's just too bad that there's not a lot of bad news about the bad news about bitcoin.
If India bans bitcoin transactions, bitcoin will not work in India, but the fact remains that bitcoin can still work in India.
It's just too bad that there's not a lot of bad news about the bad news about bitcoin.
This misinterpretation has afflicted the crypto market. Whoever posted a false news about this stuff here might have frightened crypto owners in India. The allegation about India banning cryptocurrency was an overstatement. According to the article, the Finance minister said that other assets like gold, stocks, bonds, etc are not legal tenders, but that does not imply that they are illegal. Only those who uses cryptos in illegal activities must be frightened.
Yes correct. If Bitcoin was illegal in India than Bitcoin exchanges should stop working in India but they are still working that means India has not banned Bitcoin.
This misinterpretation has afflicted the crypto market. Whoever posted a false news about this stuff here might have frightened crypto owners in India. The allegation about India banning cryptocurrency was an overstatement. According to the article, the Finance minister said that other assets like gold, stocks, bonds, etc are not legal tenders, but that does not imply that they are illegal. Only those who uses cryptos in illegal activities must be frightened.
Indians should know the reality.
Bitcoin is falling because India financial minister talked on cryptocurrency while presenting budget. But people misinterpreted Indian FM speech and many fuders are spreading misinterpreted messages allaround India. Here is the article what Indian FM said about Bitcoin/ cryptocurrency and how it was misinterpreted ..
https://blog.zebpay.com/blockchain-and-cryptocurrency-committee-of-iamai-on-references-to-cryptocurrency-by-the-finance-5d0cc63d61c7
https://blog.zebpay.com/blockchain-and-cryptocurrency-committee-of-iamai-on-references-to-cryptocurrency-by-the-finance-5d0cc63d61c7
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