Not really at all.
Bitcoin was already on a constant dipping pattern before this news was announced due to the fact that the market was already bearish, and the $10k resistance proving too be too strong for bitcoin prices to go through at the moment.
Major exchanges in India are obviously affected by this new regulation, and that's definitely something negative. But the dips that we saw in the recent days are not really caused by it, since markets have already reacted to it and corrected months before when the Reserve Bank of India actually came out with the regulation. I do think that $6k support isn't going to hold, but it's mainly just due to the bear sentiments in the market.
Topic: Zebpay reason for +1k$ USD Dump ( BTC ) Read here! (Read 247 times)
The trade volumes are bizarre in India compared to the other countries, this could be one of the reasons behind the drop. But this should not be that surprising given this was inevitable. There was even a deadline announced for it, so people were made aware of this incident beforehand,
This is not the reason why bitcoin has been on a steep decline since last year.
The reason is that markets were overheated last year, there were a lot of irrational people buying into bitcoin thinking that they would be able to turn a quick profit from it. But obviously, when markets are overheated like that, a correction would come eventually, which was what happened, and led to this bear market.
This has always been expected. After a phase of extremely bullish gains, it's expected that you'll be looking at a period of bearishness. We've seen this before in 2014-2015. It's not because of the regulations imposed on banks by RBI, that's not even news.
The reason is that markets were overheated last year, there were a lot of irrational people buying into bitcoin thinking that they would be able to turn a quick profit from it. But obviously, when markets are overheated like that, a correction would come eventually, which was what happened, and led to this bear market.
This has always been expected. After a phase of extremely bullish gains, it's expected that you'll be looking at a period of bearishness. We've seen this before in 2014-2015. It's not because of the regulations imposed on banks by RBI, that's not even news.
With over 3 Million client, the exchange platform announced to stop deposits and withdrwawals to rupi and usd due to regulations.
This screenshot was supposedly taken at the moment of the announce.
So if Zebpay with 8 million trade has 3 million clients, it must mean that Okex has about 500 million users
Zebay had 0 influence on the price, for such a small exchange to trigger a nearly 1k drop is impossible.
Sorry to tell but you are wrong in your analysis. Zebpay app has over 3 millions downloads in India and it is the biggest exchange in India. The reason why volume shows up less because users instead of putting orders in book, mostly sell at the price of Buy Orders so these ain't count in Volume.
Now coming to dump. Immediately after the announcement mentioned in OP, price dumped $1600 (100K INR) on Zebpay. It also affected other Indian exchanges where prices fell by $300-600 on average. Even after 2 days of announcement, prices in India still aren't recovered and prices on Zebpay are around (-)15% of price before announcement.
Going to 3.5k, then to 2K. Correction it the fun. Buy the dip if you dare)))) may be 2K, or 1.8K, or 800
This is not a good news at all for the customers.The customers has to suffer a lot for this type of panicking situation. We hope that this type of situation never arises in future.
I think bears used this reason to start a panic dump. They started to bore me.
I am not surprised. The Indian government has made it extremely difficult to deal in cryptos. They are targeting individuals, as well as exchanges such as Zebpay. A number of users have received income tax notices from the tax department.
Income tax notices to people who are not paying tax on crypto is perfectly fine. I am in support of it.
The current problem is there is so much uncertainty about crypto situation in India that all investors have no clue at all. At one point RBI asks banks to cut ties with all exchanges. But they are letting he exchanges run and thus people are investing the money. When finally, the ban is implemented, what happens to the coins held by investors ? Who will be resposible for their loss ?
Thank you for the link. I think this happened because of the price fall of BTC. I think that they should not panic and sell the coins. This will affect the market more.
I am not surprised. The Indian government has made it extremely difficult to deal in cryptos. They are targeting individuals, as well as exchanges such as Zebpay. A number of users have received income tax notices from the tax department.
With over 3 Million client, the exchange platform announced to stop deposits and withdrwawals to rupi and usd due to regulations.
i believe this statement is wrong.
first of all they didn't announce to stop deposits and withdrawals. they announced that this MAY happen.
https://support.zebpay.com/hc/en-us/articles/360001229125-Zebpay-Announcement-Your-Rupee-Withdrawals-Could-Stop
and they did it 2 days ago. their bank still works and their withdrawals are still functional also.
second it has nothing to do with USD. it is all about Indian banks and Rupee.
Many countries block crypto system India is one of them also day by day they are changing their policy and system so people are so much frustrated based on this people are very afraid of invest money in crypto market based on their policy so people are now aware of it to invest.
I am fully agreed with @jseverson. Indian market is not so developed right now. So it will not affect the market hugely that may disturb the market
I also agree to this opinion. The average volume trade on the exchange mentioned here is about 30 BTC daily. After they announced this warning, the volume has raised to about 50 BTC. The same applies to other Indian exchanges and all the Indian investors are selling their holdings. Even if we combine all these, it is nothing compared to the volume traded daily all over the world. So this news has nothing to do with the recent drop in bitcoin price.
I am fully agreed with @jseverson. Indian market is not so developed right now. So it will not affect the market hugely that may disturb the market
This plus regulations in korea and japan and the hacks... and probably a few other things we don't know about, that's what caused the drop.
Recently it is heard that the Indian Exchange Platform named Zebay is having some troubles for crypto trading in India. But it is not a very big issue. Government can take any decision they like but the crypto users should keep calm and be patient for their trading.
Hello
the Indian Exchange Platform Zebpay released some panic selling in india.
the Indian Exchange Platform Zebpay released some panic selling in india.
This one is true, in INDIA. Not anywhere else.
With over 3 Million client, the exchange platform announced to stop deposits and withdrwawals to rupi and usd due to regulations.
This screenshot was supposedly taken at the moment of the announce.
So if Zebpay with 8 million trade has 3 million clients, it must mean that Okex has about 500 million users
Zebay had 0 influence on the price, for such a small exchange to trigger a nearly 1k drop is impossible.
Besides, from their own website:
Quote
Q) Why did you make the announcement now, and not wait till the last date?
A) We issued multiple warnings after RBI issued the circular on 6 April 2018. The primary purpose was to inform our customers of the risks they face. There can always be issues that can arise out of everyone rushing to sell crypto, or withdraw rupees at the same time quite close to the last date. Since we are now close to the three-month deadline mentioned in the RBI circular, we wanted customers to have enough time to receive the announcement and make a decision.
A) We issued multiple warnings after RBI issued the circular on 6 April 2018. The primary purpose was to inform our customers of the risks they face. There can always be issues that can arise out of everyone rushing to sell crypto, or withdraw rupees at the same time quite close to the last date. Since we are now close to the three-month deadline mentioned in the RBI circular, we wanted customers to have enough time to receive the announcement and make a decision.
Considering the trading volume of the Indian market, I don't think this is the sole reason behind the drop. It could very well be a contributing factor though.
One thing to consider is that this isn't at all shocking. Everyone knew that banks would stop serving exchanges and that means it would be impossible for them to pay out their customers. The deadline was even announced. If I were affected, I'd have cashed out the moment the central bank came out with the circular. It could be argued that they should have sent out this notice earlier though, of course.
One thing to consider is that this isn't at all shocking. Everyone knew that banks would stop serving exchanges and that means it would be impossible for them to pay out their customers. The deadline was even announced. If I were affected, I'd have cashed out the moment the central bank came out with the circular. It could be argued that they should have sent out this notice earlier though, of course.
Hello
the Indian Exchange Platform Zebpay released some panic selling in india. With over 3 Million client, the exchange platform announced to stop deposits and withdrwawals to rupi and usd due to regulations.
many indian customers withdrawal they money and sold their cryptos to avoid any freeze of their funds
you may need to translate the site as they published this announcement in german some minutes ago
https://coin-update.de/ankuendigung-indischer-krypto-boerse-loest-sell-off-aus-bitcoin-faellt-zeitweise-um-1-000-dollar/
the Indian Exchange Platform Zebpay released some panic selling in india. With over 3 Million client, the exchange platform announced to stop deposits and withdrwawals to rupi and usd due to regulations.
many indian customers withdrawal they money and sold their cryptos to avoid any freeze of their funds
you may need to translate the site as they published this announcement in german some minutes ago
https://coin-update.de/ankuendigung-indischer-krypto-boerse-loest-sell-off-aus-bitcoin-faellt-zeitweise-um-1-000-dollar/
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