Along this line, the minister of finance in a Saturday interview with India Today emphasized that the ministry does not plan to shut off Indian innovations associated with Bitcoin (BTC) and its underlying blockchain technology. This in a way offer flickers hope for the Indian cryptocurrency community as more fear, uncertainty, and doubt continue to emerge after the cryptocurrency ban report.
BTC/USD Daily Chart
On Mar 13th, Bitcoin attained a new all-time of $61,788. However, its price failed to hold above this level. An analyst attributed the combination of negative on-chain and technical factors to Bitcoin’s 6% plunge.
High funding rates and Stablecoin inflows coupled with India’s impending ban on cryptocurrencies alluded to Bitcoin’s drop. India is the second-most populous country with an estimated population of 1.38 billion. A significant proportion of this population however depends on the trading and mining of digital assets. News on the ban likely to affect their income is bound to lead to panic and market volatility.
On the other hand, while the crypto market tumbled in response to selling pressure, selected Altcoins Enjin Coin, Holo (HOT), VeChain (VET) went ahead to refresh all-time highs on Mar. 15.
HOT/USD Daily Chart
Image Credit: Shutterstock
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