Bitcoin Price India: Cryptocurrency Zooms 24% A Day After Massive Fall

Exactly a day after posting heavy losses, bitcoin price jumps on Wednesday to trade at $8,400. On the Luxembourg-based BitStamp, the bitcoin price hits $8,503 during the day against the previous day's lowest point of $5,921. In fact, the cryptocurrency had closed at $7,754 on BitStamp on Wednesday. The market cap of bitcoin also recovers to some extent, taking it to $141 billion against $118 billion on Tuesday. Bitcoin has slumped in recent sessions as a risk-off mood spread across financial markets. It has fallen about 70 percent from its peak of almost $20,000 in December and was down more than 40 percent so far this year.

11:30 pm: Bitcoin price is $8,348 on BitStamp.

9:22 pm: Bitcoin price is $8,118 in international market on BitStamp and $8,116 on CoinMarketCap.

7:52 pm: Bitcoin price is $8,345 in international market on BitStamp.

6.30 pm: Bitcoin price is $8,500 in the international market on BitStamp. The average of other cryptocurrency markets is $8,400, as per the data on CoinMarketCap.

5.30 pm: Bitcoin price in Indian market also makes some recovery. The cryptocurrency trades at Rs. 6,15,000 on Coinsecure.

3.30 pm: Bitcoin prices bounce back from the three month low while the fears over regulatory crackdown remain.

1.35 pm: Price of bitcoin rose as high as $8,150 while the cryptocurrency opened at $7,737 on BitStamp. In the Indian cryptocurrency exchange, bitcoin price is Rs. 5,40,000.

COMMENTS12.15 pm: Price of Bitcoin, world's most famous cryptocurrency, surges 18% to trade near $7,381 in the international market, while in the Indian market, the price rise to Rs. 5.4 lakh.

11.35 pm: Australia plans to ban bitcoin gambling.
10.30 am: Nouriel Roubini, the former Clinton administration economist nicknamed "Dr. Doom" due to his prediction of the 2008 financial collapse, resumed his criticism of cryptocurrencies on Twitter.

Just prior to a Senate Committee hearing on cryptocurrencies, he wrote, "Cryptocrazies are also criminal Cyber-Terrorists," and alleged that his consulting firm, Roubini Global Economics, was targeted in a 2015 denial-of-service attack because he criticized bitcoin.

10.15 am: A senior investigator at Canada's Manitoba Securities Commission Jason Roy, has said that the country's regulators are "very pleased" with social media giant Facebook's decision for banning advertisements for bitcoin and initial coin offerings (ICOs). Roy said that regulators have also been in conversations with Google regarding their concern that "these types of ads are leading people to becoming victims." He suggested that Google should take a similar course to Facebook, and restrict ad content for binary options, ICOs and cryptocurrencies.

10.00 am: In India based CoinSecure, bitcoin price trades at Rs. 5.36 lakh on Wednesday.

9.30 am: "Crypto is alive and well," said Matthew Roszak, co-founder and chairman of US blockchain technology company Bloq. "This whole thing is a movie. It's not a static feature. We will see continued investment, continued adoption, inspiring developers. This is the real thing."

9.00 am: China is preparing fresh regulations to further restrict initial coin offerings, especially via overseas platforms, the China Daily newspaper reported citing a source close to the matter, reported Reuters.

8.30 am: Iqbal Gandham, managing director at trading platform eToro said his company had seen a drop in trading interest from investors in recent weeks amid the selloff, but that interest remained far higher than before the fourth quarter of last year. The plunge has come during a heavy selloff in global stock markets in recent days, undermining views that bitcoin's price moves are generally uncorrelated to those of other asset classes.