Indian financial markets plunge as the country goes under lockdown, how bitcoin will react?

India''s Prime minister Narender Modi announced a complete 21-day lockdown on Tuesday night. However, the stock markets will remain open in the midst of the global pandemic.

India is under complete lockdown for the next 21 days to contain the spread of the novel coronavirus. The stock markets in India started Wednesday with a positive rally but soon plunged. The lockdown will have a severe impact on the lives of people and the country’s economy. Websites like Yourstory can help you keep up to date with news startups in the country. 

 

Bitcoin likely to drop in the midst of lockdowns

India is not the only country that has put entire cities under lockdowns, several countries around the world have also taken strict measures to combat the global pandemic. The effect of lockdowns on the crypto market is also quite evident as bitcoin hit a six-year high this month. The short-term prediction for bitcoin is quite bearish.

 

Financial markets continue to crash amid the global pandemic.

Financial markets are crashing amid the global pandemic as the unemployment rate continues to increase all over the world. Bitcoin is also no exception as it plunged roughly 50% on 12th March. Crash in Indian financial markets is likely to have a negative impact on the crypto market. The Supreme Court of India had lifted the banking ban on cryptocurrencies in the country earlier this month. The leading cryptocurrency bitcoin is currently trading at just above $6,600. The price is expected to fall in the coming days. 

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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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