India: Bitcoin Prices Drop As Media Misinterprets Govt’s Regulation Speech
From Cointelegraph
Bitcoin markets are reacting to fresh regulatory comments on crypto from India’s finance minister Arun Jaitley, made during his most recent budget speech in the Parliament today, Feb.1.Read more: https://cointelegraph.com/news/india-bitcoin-prices-drop-as-media-misinterprets-govts-regulation-speechAfter Jaitley noted in his speech that cryptocurrency is not legal tender in the country and promised a crackdown on “illegitimate activities” involving crypto, a flood of misinterpreted comments warning of an outright ban appeared across the mainstream press and social media.
Markets in turn fell in trading on Thursday, Bitcoin dipping below $9,512 after breaking $10,300 Wednesday, Jan. 31, data from Bitstamp shows.
India has been sporadic in its attempts to formalize cryptocurrency regulation over the past two years. Since the country’s currency reforms, interest in Bitcoin especially has skyrocketed, with local exchanges reporting huge growth.
At the same time, India’s central bank has issued repeated warnings on cryptocurrency investment, some of which appeared tantamount to calling it illegal.
During his budget speech today, Jaitley stated:
“The government does not recognise cryptocurrency as legal tender or coin and will take all measures to eliminate the use of these cryptoassets in financing illegitimate activities or as part of the payments system.”
For fuck's sake, as soon as we are done getting over misinterpreted FUD out of Korea we get slammed by misinterpreted FUD out of India. Mix in some more FUD about Tether and Bitfinex and we're dipping below 9K USD. Seems like the only good news these days is that its a good time to buy.
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Growing pains
After one month bitcoin will be $3k, and than it will reverse. I think March 2018 is a good time to buy bitcoin. Its chance to become millionaire.
oh i wish nigeria my country can take a loOK at bitcoin and give it TRY
NICE YOU'VE GOT HERE SIR
But doesn't this raise legitimate concerns about what really may have fueled the recent Bitcoin rally?
This bubble may be similar to the one a few years ago orchestrated by "one person or group", as described by the paper released a week or so ago. Do you know which one I'm referring to?
Curious about your thoughts.
They know - if they lose the control over the money - they lose the most of their power
Hang in there, yes it sucks right now but this is not the time to panic...or sell. Some other guy will be laughing on the other side, ready to take the discounted crypto.
Sure it might go lower but, after a 4x boom in a few months time, it was only natural for a correction. Stocks/crypto can’t constsntly go up up up.
Having said that, this is the time to price average on the way down.
Crypto isn’t going anywhere. I believe in this space and I’m going to keep investing in it.
GL sir, and thanks for sharing.
What's wrong with the asian government, they loved to create panic and FUD. They should accept one thing, it decentralized if you want to crack it down. Go and out the whole universe upside down. What a silly politician, they are just prove to the masses that they wont really the word come to their mouth. And those silly investor get panic sell, it's because they too are not aware what they are into.
i suppose that is one of the FUDs driving the price of bitcoin down.. on the bright side, this is just another avenue to buy more bitcoin on the cheap
The countries that are expected to be super bullish on Bitcoin has started to put in some regulations in this space. I wouldn't say it is a bad idea though, it only legitimize this space even more which is healthy in the long hall!
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