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Indian Crypto Exchanges React to Supreme Court’s Decision

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On July 3, the Supreme Court of India reported that it was declining to arrange a stay on RBI decision to national banks to quit working with bitcoin

Indian Crypto Exchanges React to Supreme Court’s Decision

On July 3, the Supreme Court of India reported that it was declining to arrange a stay on Reserve Bank of India (RBI) arrange where the national bank had guided banks to quit working with Indian digital currency trades.

The appeal to was documented by Internet and Mobile Association of India (IAMAI). The summit court, be that as it may, requested that the body document an interest in seven days. It likewise clubbed the issue for hearing on July 20. The date is essential since that is the day the pinnacle court will choose if banks can work with trades or not.

Normally, the resolve of the trades and the crypto network in India was down, post the judgment. Exchanges, for example, Zebpay and Unocoin discharged explanations laying out their prepares.

Unocoin in its blog stated,

“Banking administrations are relied upon to be repudiated for the current week. We might want to tell you this isn’t a ban on Cryptoasset and an approach in such manner is normal sooner rather than later. Be that as it may, on the off chance that you are pulling back or keeping any rupees in Unocoin, there could be a period when we may not respect such demands. If it’s not too much trouble keep on trading once you have comprehended the hazard.”

Then again, Zebpay, uncovered it would not go down without a battle. Sandeep Goenka, the fellow benefactor of the trade stated, “Re RBI round writ in Supreme Court: SC did not allow remain. SC has requested that RBI return inside 7 days. Next hearing on 20th July.

A month ago, the trade had reported that it would suspend rupee withdrawals after the judgment. In any case, to encourage clients, it iterated,

“(i) Coin/Token deposits and withdrawals are ON (ii) crypto-rupee and crypto-crypto match exchanging is ON.”

Shivam Thakral, organizer of BuyUCoin as of late told Crypto-News India,

“Exchanging will be completely useful as it used to occur with the wallet cash individuals have with us while store and withdrawal part can be influenced relying upon our banking accomplice, till now everything is working thoroughly fine and individuals are putting resources into a decent sum.”

Different crypto exchanges, for example, Koinex and WazirX had just predicted or were expecting the judgment and had acquainted companion with peer (P2P) exchanging on their stages.

#Investment

Serena Williams: Olympic star invests in Coinbase

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Serena Williams posted about the launch of her own venture firm called Serena Ventures. The firm has invested in more than 30 companies including Coinbase.

Four-time gold medalist, Olympic star and one of the most famous tennis player, Serena Williams recently posted on Instagram about the launch of her own venture firm called Serena Ventures. She also revealed that the firm has invested in more than thirty companies that include the Coinbase.

 

 

Serena Williams: Serena Ventures

The website of the venture firm reveals that the market capitalization of the list of financial assets held by the firm amounts to more than $12 billion and the diversity of the owners of the different firms that Serena Ventures has invested is around 60 percent. Serena Ventures especially focuses on companies that are still in the early stage and persuades partnership between the portfolio firms.

 

Serena Williams is a four-time gold medalist at the world Olympics and is ranked no.1 in singles according to the Women Tennis Association. The net worth of the Olympic star amounts to more than $180 million according to TheStreet.

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#Exchange

5th Largest Korean Cryptocurrency Exchange: Coinnest Shuts Down

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Coinnest which is one of the largest cryptocurrency exchanges in Korea made an announcement that it is going to shut down its operations in the midst of some financial, admin and legal problems.

 

Coinnest Shuts Down:

According to a recent publication by Coinnest, bitcoin exchange, the exchanges is shutting down its operations. Coinnest had earlier closed down its new account creation services on 16th April 2019.

 

According to the exchange, it is going to terminate the trading and deposit features at the end of this month. However, the users shall be able to withdraw their cryptocurrencies from the exchange until 30th June 2019.

 

coinnest-screenshot

website screenshot

 

Following the decision to shut down its operations, the exchange has made an announcement regarding the decrease of the minimum withdrawal amount as well the withdrawal fees. Coinnest warned the users that no user shall be able to withdraw their funds after 30th June 2019.

 

Last year, the CEO of the exchange, Kim Ik-hwan was arrested by the South Korean police for fraud and theft. Since then, the exchange had been facing a bad time. The CEO was found guilty by the court and was sentenced to prison along with a fine of $2.5 million.

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#Bitcoin Price Analysis

BTC to USD: Bitcoin Price Analysis, BTC going to rise?

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Bitcoin price is supported strongly around $5200. BTC is currently in a bullish momentum with the next aim of $5400 and $5500.

Technical Indicators:

Support Levels: $5200, $5150

Resistance Levels: $5350, $5400, $5500

 

Key Points:

  • Bitcoin price is currently trading well above $5200 support level.
  • BTC is gaining momentum and trying to move over the $5350 resistance zone.
  • A bullish pattern is being formed with support around $5200 on the hourly chart.
  • Bitcoin price is currently in a bullish momentum and might move towards $5400 and $5500 resistance levels soon.

 

Bitcoin Price Analysis:

Summary: Bitcoin price is supported strongly around $5200. BTC is currently in a bullish momentum with the next aim of $5400 and $5500.

 

This week, bitcoin price maintained a slow bullish pace after rising over $5100 level. BTC was able to maintain its position above $5100 and $5200 support levels after breaking through the major resistance around $5200. BTC was able to close over the 100 hourly SMA. After falling up to $5190, bitcoin price was able to recover sharply to over $5300.

 

Bitcoin price spiked up to $5365 before correcting downwards. The support around $5250 proved strong enough to stop further declines and BTC was able to maintain its position above the 100 hourly SMA. Also, a bullish pattern is being formed with support around $5200 on the hourly chart.

 

BTC will most probably experience some dips, however, it remains strong support around $5200. The current target for bitcoin is $5350 above which it might test $5400 and $5500 resistance levels.

 

BTCUSD Price Chart 20 April

BTCUSD Price Chart 20 April

 

The chart shows that bitcoin price is currently trading with a bullish force above the $5200 support level. Until BTC remains above this support, there are high chances of BTC testing the $5400 and $5500 resistance levels. However, if the support level is broken, Bitcoin might fall down to $5150 and $5100 supports.

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