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Supreme Court of India says ban on Bitcoin continues – 6 July last day for Indian Bitcoin Exchanges?

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Supreme court of India Bitcoin ban 6 July 2018

Supreme Court of India says ban on Bitcoin continues – 6 July last day for Indian Bitcoin Exchanges?

The Indian Supreme Court heard one request of against the crypto banking ban by the nation’s national bank today. In any case, the court did not allow a stay and the ban is set to continue as arranged, inciting crypto trades in the nation to begin actualising their answers for banking options.

 

No Stay Granted by Supreme Court

SC India discern one plea against the crypto banking ban enforced by the Reserve Bank of India (RBI) on Tuesday, July 3. This plead is by the (IAMAI) whose engulf major crypto trades in the country, like Unocoin, Zebpay, and Wazirx.

 

Indian Supreme Court Heard Crypto Petition however Upholds RBI Ban – Effective in 2 Days

The national bank issued a round on April 6, banning every single budgetary organization under its control from overhauling cryptocurrency organizations. The ban is set to produce results on July 5. Various industry members have requested of against the ban. Other than the appeal to by IAMAI, there are four different petitions which the Supreme Court will hear on July 20.

The IAMAI appeal to will presently be heard alongside whatever is left of the petitions on July 20.

“Everyone’s eyes are on the twentieth now,”

The IAMAI had [also] presented a portrayal to the RBI which was a nitty gritty report clarifying blockchain, cryptos and how they work. The RBI has said it will react to that inside 7 days… .The portrayal was made with the conviction that if the RBI gets a profound comprehension of blockchain and crypto then they may go simple on the ban and consider controls.

 

RBI’s Ban Effective July 5 – What Will Banks Do?

Before Tuesday’s listening ability, industry members were confident that the court may give a stay on the RBI ban. Regardless, major crypto trades in the nation have been endeavoring to discover banking options.

Indian Supreme Court Heard Crypto Petition however Upholds RBI Ban – Effective in 2 Days : Wazirx is getting ready to dispatch a P2P crypto exchange administration to enable its clients to purchase and offer crypto through its escrow benefit, bypassing the RBI ban. Shetty disclosed to news.Bitcoin.com that the new administration will dispatch when banks quit giving administrations to crypto trades. He point by point:

On the off chance that banks quit giving administrations after July sixth then we’ll have to dispatch P2P. Everyone’s eyes are on banks currently to perceive what they will do. Do they sit tight for the July twentieth hearing or do they simply ahead and execute the ban on exchanges from July sixth onwards?

Crypto trade Koinex is likewise getting ready to dispatch their own P2P organize called Loop. The trade has just propelled a crypto-to-crypto exchanging stage, as did Unocoin and Zebpay.

Unocoin’s CEO and prime supporter, Sathvik Vishwanath, additionally disclosed to news.Bitcoin.com a week ago that his trade is taking a shot at banking options.

“Because of the RBI’s ongoing warning on ‘Forbiddance on Dealing in Virtual Currencies’, our banking connections are probably going to be disturbed at the very latest July fifth, 2018. We are conveying new systems for INR stores and withdrawals,”

his trade reported.

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5 Comments

5 Comments

  1. Pingback: Supreme Court of India says ban on Bitcoin continues – 6 July last day for Indian Bitcoin Exchanges? – Btc News Magazine

  2. Pingback: Supreme Court of India says ban on Bitcoin continues – 6 July last day for Indian Bitcoin Exchanges? | Coin News King

  3. Pingback: Supreme Court of India says ban on Bitcoin continues – 6 July last day for Indian Bitcoin Exchanges? – The Coinage Times

  4. CryptoCoelho

    July 11, 2018 at 11:10 am

    Foriegn Investors should stop investing in Indian companies as well. RBI is a Junky – Nasty place filled with some old officers, heads with less knowledge in technology. They only support their corrupted politiations, who all are filled their heads with cow dung.

  5. CryptoCoelho.com

    July 11, 2018 at 11:11 am

    Foriegn Investors should stop investing in Indian companies as well. RBI is a Junky – Nasty place filled with some old officers, heads with less knowledge in technology. They only support their corrupted politiations, who all are filled their heads with cow dung.

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#Daily Price Analysis

Cryptocurrency Market Cap drops sharply. Is Bitcoin Dead?

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The cryptocurrency market crash of this year will be remembered throughout the lifetime by the whole community especially the current week.

The cryptocurrency market crash of this year will be remembered throughout the lifetime by the whole community especially the current week. Bitcoin price fell up to $4000 which is the worst fall of the year.

 

The market cap fall

The cryptocurrency market capitalization has fallen approximately $700 Billion this year. Talking about the current week after prominent coins fell up to 70% in just a matter of days, analysts are predicting that bitcoin may fall to $3000 this month end if the most major support of $4000 is broken and may even fall up to $2500. Not only bitcoin, but all major altcoins including XRP, Ethereum, and Litecoin, are all experiencing a massive decline in pricing. The market capitalization of cryptocurrencies was around $830 in January this year and now it is only about $140.

 

Share Market is riding on the same boat:

The shares markets are experiencing an even worst scenario with over $1.3 Trillion lost in just this week. Major global shares have fallen down including industry giants such as Apple, Goldman Sachs, and General Electric.

 

Bitcoin Hash Wars: Mining at huge losses

Both sides of the bitcoin cash hard fork are mining at magnificent losses according to Bitmex, a cryptocurrency derivatives platform who revealed about the same in a tweet:

 


Both the teams – Bitcoin ABC led by Roger Ver and Bitcoin SV led by Craig Wright AKA ‘Faketoshi’ are said to be mining with huge losses amounting to approximately $278,000 and $439,221 per day respectively and which is likely being met by a large amount of BTC sellings. A third team which is being considered as ‘neutral’ known as Bitcoin Unlimited is being led by Andrew Clifford. The hash wars are being considered as a major reason for the start of the cryptocurrency market downfall.

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#Bitcoin Price Analysis

Bitcoin Price Analysis: Will BTC Rise Again?

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Bitcoin price improved more than 8% yesterday after the successful bitcoin cash hard fork completion. Bitcoin price fell down from $6500 to a whopping low of $5190 before the BCH hard fork. The price started to experience improvements after the hard fork and went above the $5770 mark but the market could not sustain the bullish momentum for a long time and fell down up to $5555. BTC is currently trading at $5615 (at the time of writing).
The bitcoin market volume has decreased and the bull run is expected not before the upcoming week. The support level of the BTC lies around $5598 and the resistance around $5622. Bitcoin price needs to break the resistance level in order to move above the desired $6000 mark.

 

BTCUSD 5 day chart

BTCUSD 5 day chart

 

BTC is currently trading at the year’s lowest price range where the traders are worried about further losses. However financial analysts believe that bitcoin price is likely to rise a little at the end of 2018 up to the start of 2019. Traders also believe that 2019 end and 2020 will be the year of a major cryptocurrency bull momentum because of the predicted financial crisis of 2020. Investors and financial analyst believe that people will be forced to move towards assets such as gold and cryptocurrencies with the predicted downfall of the US dollar.

 

BTCUSD 24 hour chart

BTCUSD 24 hour chart

 

Looking at the 24-hour chart bitcoin price fell down from $5750 up to $5555. The price is currently trying to tackle the bear attack but is experiencing hurdles. Bitcoin price may likely improve up to $5700 today but the major improvement is predicted when the volume increases, most likely next week.

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#Bitcoin Cash Price Analysis

Bitcoin Cash Price Analysis: BCH post fork downfall

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Bitcoin cash price exchanged beneath the key $400 support. BCH/USD could amend higher, however, dealers are probably going to show up close $420 or $450. 

MACD – Set in the bullish zone.

Relative Strength Index – Cose to the 40 level.

Significant Support Level – $360

Significant Resistance Level – $405

 

Key Points

  • Bitcoin cash price expanded misfortunes and exchanged beneath the $400 level against the US Dollar.
  • There are two key bearish pattern lines set up with resistance at $420 and $450 on the hourly diagram of the BCH/USD pair (information feed from Kraken).
  • The pair stays at a danger of more misfortunes underneath the $360 level in the close term.

Bitcoin cash price exchanged beneath the key $400 support against the US Dollar. BCH/USD could amend higher, however, dealers are probably going to show up close $420 or $450.

 

Bitcoin Cash Price Analysis

Recently, we examined that bitcoin cash price could broaden misfortunes beneath $400 against the US Dollar. The BCH/USD pair remedied a couple of focuses as of late, yet it neglected to break the $450 resistance. Afterwards, there was a sharp drawback move and the price declined underneath the $420 and $400 supports. A new low was shaped at $360 and the price is currently exchanging admirably beneath the 100 hourly basic moving normal.

Right now, the price is solidifying misfortunes around the $380 level. It appears as though the 23.6% Lie retracement dimension of the last slide from the $451 high to $360 low is going about as a resistance. In addition, there are two key bearish pattern lines set up with resistance at $420 and $450 on the hourly outline of the BCH/USD pair. The principal bearish pattern line concurs with the half Lie retracement dimension of the last slide from the $451 high to $360 low. Consequently, the $400-405 zone could forestall gains in the close term.

 

BCH USD 1 day chart

BCH USD 1 day chart

 

Taking a gander at the diagram, Bitcoin cash price could rectify a couple of focuses above $390. Notwithstanding, purchasers are probably going to battle close $400, $405, $420 lastly $450. On the drawback, the following focus for sellers could be $350.

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