India further extends lockdown for 2 weeks – What does it mean for Bitcoin?

The Indian government has announced to extend the nationwide lockdown for two more weeks as COVID 19 cases continue to increase.

The central government of India has announced to extend the nationwide lockdown for two more weeks effective from May 4. This is the third time that the government has decided to extend the lockdown amid the coronavirus pandemic. However, this time the government has allowed to ease down restrictions in areas where there are less no. of cases, or no cases at all categorized as an orange and green zone. Places where the number of cases is higher the strict lockdown would continue as before. 

People less likely to invest in bitcoin in times like these. 

India has been under the lockdown since the last week of March as the number of infected cases continues to grow each day exponentially. In times like these, people are more dependant on cash rather than cryptocurrency as cash can help people buy necessary daily supplies that bitcoin can not. Apart from this, the current interest of the people in the country will most likely not be to invest in cryptocurrencies such as bitcoin. The leading cryptocurrency is still not treated as a means of payment but rather a store of value in most of the countries. Several other countries are now starting to open up their economy gradually.

 

The government allows relaxations to less contaminated areas. 

Indian Police Personnel
Indian Police Personnel

The latest guidelines issued by the Home Ministry of India have allowed considerable relaxations to the less contaminated areas in the country. Less infected regions are categorized as the orange and green zones. In orange zones, inter-district movement of individuals and vehicles will be allowed for permitted activities only. According to the guidelines, four-wheelers will have a maximum of two passengers apart from the driver and pillion riding that will be permitted on two-wheelers. However, schools, colleges, and educational institutions will remain close all over the country despite what zones they are in. 

BTCUSD Chart
BTCUSD Chart

At the time of writing, the price of bitcoin is trading at just above $8,800 mark, nearly 18% up in the last seven days. The recent bull run of bitcoin has been deemed as fake by several whales who believe that big players are playing small traders using the halvening narration. 

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Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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