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Will India ban bitcoin and cryptocurrencies? Zebpay tweets about withdrawal closure

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Zebpay, India's leading Bitcoin exchange tweeted that the local ruppe withdrawals

With the recent announcement of the Reserve Bank of India (RBI) about not accepting Bitcoin or any other form of digital currency as a legal form of payment, quite an uproar was registered in the Indian digital currency market and the fintech sphere in general. People had thought that Bitcoin altogether had been banned and that holding, trading, buying, selling etc is now a criminal offense in India. However, that is not the case. RBI has simply called for not accepting it as a legal form of payment anywhere in India, and digital currency investors and enthusiasts are still active on the digital currency platform with mining, buying, selling, trading and holding their Bitcoins and other virtual coins. However, RBI’s announcement has definitely caused a certain unrest in this sphere with people having started doubting the future scope of their virtual tokens.

 

A tweet by Zebpay – India’s Bitcoin Exchange

Yesterday, Zebpay, India’s leading Bitcoin exchange tweeted that the local ruppe withdrawals could come to a halt, which created a panic in the market and Bitcoin traded as low as Rs 2,90,000 (in Indian local currency) per Bitcoin in India.

 

Is India cracking down Virtual Currencies?

Moreover, with news coming every passing day about some country or the other cracking down hard on virtual currencies, and passing strict regulations on them or banning them completely, people are wondering if India would be the next country in line to do so. Such a ban would result in people losing a lot of their money and that is of course not a good thing. Big countries like Switzerland and Japan are very positive when it comes to Bitcoin, digital currencies and also the blockchain technology but on the other hand, there are also other several big countries like Thailand and China which have completely banned them. This has caused a lot of confusion amongst people and has mislead people to not know what to make of India’s current position in this matter.

 

RBI after Bitcoin Scams and Frauds

RBI has also issued several warnings to people so that they can save themselves from falling prey to scams and frauds. With such steps being taken by the RBI, I believe it is unlikely that India would ban Bitcoins and other digital currencies. There has already been several statements by eminent Indian personalities who have spoken highly of the blockchain technology and wish to make more research in this space. With them mention of digital currencies in the country’s national budget, this is quite possibly a step in the right direction, and there seems to be a bright future for Bitcoins and other digital currencies in the long haul, if not in the coming years.

 

Misleading news about Bitcoin Ban

The misleading spread of news saying that Bitcoins along with other digital currencies has been banned in India could be attributed to the fact that there is still not much awareness regarding this subject matter in India and Indians are still quite clueless about them. There is an urgent need for Indians to be educated about the basics, working and technicalities of this decentralized platform and the blockchain technology if one expects to make bitcoins and other digital currencies popular in India. People are intrigued by the entire concept of virtual currencies and the excitement attracts them towards it but the problem is that they do not understand it enough to make any right decisions for themselves.

Even so, the trading volumes of India’s digital currencies has been on the rise which indicates a growing interest of Indians in this digital market.

 

PayTM and KYC

The underlying blockchain technology of Bitcoins and other digital currencies is what has prevented the government from banning it earlier before. They wish to research further in this domain and do not want to ban the currency altogether since they want to learn further and maybe make more advancements in this sphere. However, they would soon be placing several regulations in place to control the unregulated nature of the platform. Also, they might soon call for a more stronger KYC plan in action for these platforms just like they did for services like Paytm, so that they can recognize the investors in this domain and work on preventing crimes like tax evasion.

 

Blockchain and Bitcoin

Moreover, the blockchain technology has already intrigued many enthusiasts and academics all over the world and with the Indian government setting up a team to investigate into the details of this brilliant technology, it seems highly unlikely that there would be an impending ban on these virtual currencies. The current stand of the government in respect to these digital currencies is very open minded and under such circumstances, it would be a complete shocker if a ban is placed. With no such future scenarios seeming likely, a ban is quite possibly not in the picture, and since it always takes Indians a little more extra time to get used to something new and be accepting of it,  bitcoin and digital currencies would witness a bright future in the long haul.

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#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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