{"id":371675,"date":"2021-11-24T11:50:05","date_gmt":"2021-11-24T08:50:05","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/crypto-prices-in-india-tumble-after-crypto-bill-announced\/"},"modified":"2021-11-24T11:50:05","modified_gmt":"2021-11-24T08:50:05","slug":"crypto-prices-in-india-tumble-after-crypto-bill-announced","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/crypto-prices-in-india-tumble-after-crypto-bill-announced\/","title":{"rendered":"# Crypto prices in India tumble after crypto bill announced"},"content":{"rendered":"<p>&#8220;<strong># Crypto prices in India tumble after crypto bill announced  <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>Regulatory discussions in India around a crypto ban caused panic selling on major crypto exchange WazirX, resulting in massive price drop on leading cryptocurrencies including Bitcoin (BTC) and Ether (ETH).\u00a0<\/p>\n<p>Crypto prices in India crashed soon after the parliament announced to introduce and list 26 new bills in the Winter Session, which included the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021. As Cointelegraph reported, the bill seeks a legislative vote on creating an official digital currency while imposing a ban on \u201call private cryptocurrencies,\u201d starting Nov. 29.<\/p>\n<p>A mass sell-off on WazirX in the morning of Nov. 24 at 3:30 a.m. UTC tanked the price of Bitcoin from nearly Rs. 4,600,000 ($61,820.73) to Rs. 3,917,659 ($52,650.55), a drop of \u201314.8% within two hours. Similarly, other popular tokens including Ether and Cardano (ADA) experienced double-digit price depreciation locally on the exchange. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-11\/b89aa338-da94-403c-9045-48992e1a7833.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>Bitcoin price crash on WazirX. Source: <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/wazirx.com\/exchange\/BTC-INR\">WazirX<\/a><\/em><\/figcaption><\/figure>\n<p>Speaking to Cointelegraph, WazirX CEO Nischal Shetty highlighted that the Indian crypto market usually trades at a premium compared to the global market:<\/p>\n<blockquote><p>\u201cThis event of panic selling has led the Indian market to correct and the prices to reach the global level.\u201d<\/p><\/blockquote>\n<p>Shetty also pointed out the various use cases of cryptocurrencies as an asset or utility and quoted the former Finance Secretary of India Subhash Chandra Garg\u2019s suggestion that \u201cthere should be a prohibition on the \u2018currency\u2019 use case of crypto,\u201d if any. <\/p>\n<p>Jay Hao, CEO of crypto exchange OKEx, told Cointelegraph about the need for a nuanced <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roach towards regulating crypto assets in India:<\/p>\n<blockquote><p>\u201cIndia is home to the highest number of crypto owners in the world and the onus lies on the government to protect the interest of a large number of crypto investors in the country.\u201d<\/p><\/blockquote>\n<p>Commenting on India&#8217;s crypto ban, BTC Markets CEO Caroline Bowler said, \u201cThis ban won\u2019t work in the long-term and would be a step backwards,\u201d adding that \u201cbanning is not an option to protect investor interest.\u201d Bowler stated:<\/p>\n<blockquote><p>\u201cThe thing with cryptocurrency is that while governments may try to ban it or try to contain it, the very decentralised nature of the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> somewhat prohibits that.\u201d<\/p><\/blockquote>\n<p>As a final word of advice to the Indian inventors, Shetty believes in the need to have faith in our lawmakers. \u201cLet\u2019s not panic,\u201d he concluded.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Right-wing Indian group calls for stricter crypto regulations<\/em><\/strong><\/p>\n<p>This comes after a parliamentary panel discussion on cryptocurrency on Nov. 15, where a plurality of regulators concl that, although crypto can\u2019t be stopped, it should be regulated more heavily. <\/p>\n<p>In August, a representative from the Reserve Bank of India said that it planned to commence preliminary trials for a central bank digital currency\u00a0before the end of 2021. India is currently one of the largest markets in the world, with over 20 million crypto investors.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/crypto-prices-in-india-tumble-after-crypto-bill-announced\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Crypto prices in India tumble after crypto bill announced &#8221; Regulatory discussions in India around a crypto ban caused panic selling on major crypto exchange WazirX, resulting in massive price drop on leading cryptocurrencies including Bitcoin (BTC) and Ether (ETH).\u00a0 Crypto prices in India crashed soon after the parliament announced to introduce and list&#8230;<\/p>\n","protected":false},"author":1,"featured_media":371676,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMTEvNmFjOGZiZjgtZTNjOS00ZmRkLThlNTYtM2RhNzQ1ZDVkNjY0LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,74862,88066,74894,77310,90774,78031,74355,76308,70301,17318,70934],"class_list":["post-371675","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-bitcoin","tag-bitcoin-in-india","tag-blockchain","tag-indian-crypto","tag-indian-government","tag-reserve-bank-of-india","tag-adoption","tag-ban","tag-bills","tag-india","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/371675","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=371675"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/371675\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/371676"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=371675"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=371675"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=371675"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}