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Crypto India Diwali Celebrations are Muted this Year

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Crypto India Diwali celebrations are muted this year, considering the unfairness of the sweeping blanket ban on their use and transaction.

Crypto India Diwali celebrations are muted this year, considering the unfairness of the sweeping blanket ban on their use and transaction, earlier in September this year. The current pause on digitizing currency is imposed by an otherwise progressive government. However, its current fiscal policies appear to be dictated from the “experiences” of the backlash it continues to suffer from, following the unwarranted, spine-chilling overhaul of the Indian financial system by imposing demonetization.  

Cryptocurrency adoption is the latest strategic question which many an economy is attempting to chart its course. It is currently surreal for causal fintech observer to watch economies “play” the fine-line between adoption-and-hesitation of cryptos, in countries such as Russia, China and

 

Embryonic Crypto economies

Digital-first economies in East Asia, namely South Korea, Singapore, and Japan are inclusive governments offering regulations but are tightly holding on to the process of usage, trading and securities-based functionally, tethered to their overall fiat-currencies.

On the other hand, many of the Nordic nations are already on the way to being Crypto-first, a step far ahead within the economic digitized infrastructure. Switzerland, Denmark is catching up on the crypto-revolution, having missed the deep-trenches of IT revolution which swept across the rest of the world. During this adoption phase, many a nascent/growing economy restructured itself and entered advanced stages of mobile computing, jumping ahead of the PC-in-every-home revolution.

Middle-Eastern nations are on a war-path with their disruptive blockchain adoption strategy for 2020. The UA Emirati’s have a consensus to move roughly 50% of their government-initiated transactions to the blockchain and have even encouraged the establishment of the UAE’s first-ever AED-supporting exchange called Crypto Bulls Exchange.

 

Why is India not breaking the glass ceiling?

In 2009 the debut of an unknown technology platform by Satoshi Nakamoto set the markets on the path to discovering decentralized currencies. Eventually, the technology part of the cryptocurrency – the blockchain or the decentralized distribution – component came to be used by industries as diverse as healthcare to logistics, and banking to patenting of pharmaceuticals.

Bitcoin transactions are believed to have debuted in India as early as 2012 by hobbyists. There then sprung up a number of pioneering exchanges – coinsecure, BtcxIndia, Unocoin offering cryptocurrency exchange and trading services.  Other players soon arriving on the scene – Zebpay, Bitcoin-India, and Koinex built a vibrant crypto business atmosphere.

Then “happened” the sweeping blades of demonetization which changed everything for cryptocurrencies in India. Many began to look for unregulated, non-fiat currency options such as bitcoin. As late as October MoonX announced its development center in Bengaluru.

However, India broke down on this phase of development and eventually began to offer to have adopted a watch-and-proceed strategy towards cryptocurrency. The latest of the industry-hurting moves by the zealous government intent on protecting consumers has been the policy of not allowing trade or any other transactions of the cryptocurrency, under the directions of the Minister of Finance, Arun Jaitley.

It does seem to come as a surprise that for a government which has been open to adopt and implement technology-based solutions is dragging its feet in building infrastructure/policies/regulations which will allow the adoption of the cryptocurrency in India.

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Donald Trump policies push Mexico to Bitcoin

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Mexico has seen a new all-time high trading volume on localbitcoins. This comes out on the back of the announcement from the Trump Whitehouse.

Mexico has seen a new all-time high trading volume on localbitcoins. This comes out on the back of the announcement from the Trump Whitehouse that remittance payments of Mexican migrants in the United States of America will potentially be the target of new restrictions essentially ending the possibility of Mexican migrant workers to be able to cheaply send money back home to their families.

 

Mexico adopting Bitcoin:

Mexico has been experiencing a massive increase in the number of transactions on localbitcoins. Mexican migrant workers are believed to be exploited by the remittance companies which are charging around 10% fees. What is essentially being discussed here by the Trump Whitehouse is a new tax on these migrant workers. The number that they are currently floating around is a 3% tax on the remittances going from the USA to Mexico. This may not seem super crazy but considering the $33.4 billion which were sent to Mexico in 2018 alone, that extra 3% could mean $1 billion more per year for the United States government.

 

98% of the transactions that were sent during the last year, were sent via electronic means which means that there is actually a very strong remittance route that is ready for mass disruption going from the United States to Mexico and Bitcoin could be the perfect answer. However, the average size of a remittance payment from the United States to Mexico is $322 last year and the problem is that if the fees rise again exponentially on bitcoin, then bitcoin might not be the ideal cryptocurrency for these kinds of smaller remittance payments. Maybe we are going to see some other cryptocurrency being adopted in that situation. But regardless of which cryptocurrency is used, we can see that there is a clear need for disruption as government policies again seeks to impede or overly exploit the free float of money.

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Bitcoin Crashes Downwards: Is BTC Going to Fall Back to $4000?

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Bitcoin fell down to test the $5000 support level. If the current support around $5000 is broken, BTC might really crash to $4500 and $4200 support levels.

Bitcoin fell down to test the $5000 support level which is the most crucial level for BTC currently. The downward correction started after bitcoin tested the $5500 resistance level yesterday at around 18:00 UTC.

 

The resistance around $5500 proved very strong and pushed the price downwards sharply. The sharp declining pattern attracted a lot of sellers which even pushed the price below $5200 support level and BTC tested the $5000 support reaching up to $5018.

BTCUSD Price Chart- Coinbase

BTCUSD Price Chart- Coinbase

Bitcoin is currently trading around $5070 (at the time of publication) showcasing a bearish pattern.

 

Bitcoin Price Drop:

The sudden price drop has led to people speculating that BTC might soon crash back to the $4000 range. Earlier, analysts were also predicting the sudden rise of bitcoin to be a conspiracy. Also, Bloomberg had also called the sudden rise a Blip. If BTC had successfully crossed over the $5500 range, the next major resistance was around $5800, however, BTC fell sharply losing more than $400 in value over the last 24 hours.

 

The bearish move does not clearly indicate a crash towards $4500 and $4000 range, however, if the current major support around $5000 is broken, BTC might really crash to $4500 and $4200 support levels. With the price of bitcoin falling, other major altcoins are also in the red zone today with Ethereum falling more than 8% in the last 24 hours, XRP falling more than 6% and Litecoin falling around 12% in the last 24 hours.

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China to completely ban crypto mining: Bitcoin about to Crash Hard?

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As reported by Bloomberg, China is moving towards putting a complete ban on mining bitcoin and other crypto as it causes serious wasatage of resources.

As reported by Bloomberg, China is moving towards putting a complete ban on mining cryptocurrencies such as bitcoin. In accordance to a document posted by the National Department and Reform Commission of China, the mining of cryptocurrencies should be completely banned as it causes serious wasatage of resources.

 

China is known to be the largest hub of cryptocurrency mining with huge mining rigs been set up in the country. Earlier, China has also banned small investors to invest in security token offerings or STOs and only large investors with more than $1 million funds are allowed to invest in such projects. Now, the country is planning to take strict action against cryptocurrency miners in the country.

 

Cryptocurrency miners were earlier attracted to China due to their cheap electricity rates and subsidies in the country, however, due to the strict actions being taken by the government with the guidelines of the NDRC which has disincentivized cryptocurrency mining, a lot of miners have shut down their operations or moved to other nations.

 

Largest Mining Pools in China:

China has been a hub for some of the largest cryptocurrency mining polls. Even though the mining pools have been shifting to other countries, there has been some effect of the ban on the market for bitcoin and other cryptocurrencies as the mining is a major part of the overall working of cryptocurrencies.

 

How do you think the complete ban on cryptocurrency mining in China will effect the bitcoin price? Tell us in the comments section below.

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