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.