CRYPTO MARKET CRASHES IN INDIA OVER EXCHANGE WARNING

-
Image result for bitcoin market crash

India’s regulatory response to Cryptocurrency has not been in favour of cryptocurrency trading. We know that by now. The markets remained unaffected for over 10 weeks until yesterday. In a first of a kind announcement, Zebpay, India’s biggest cryptocurrency exchange by volume warned its users of dismissing fiat (INR) services abruptly. The announcement is titled “Your Rupee Withdrawal Could Stop”.

Zebpay announced an interruption in services over regulatory concerns in india
Announcement by Zebpay

MARKETS CRASH

What followed and still continuing across the Indian market is ‘Panic Selling’. Within minutes of the announcement Bitcoin price went down by more than a lakh on Zebpay. The alts followed suit. XRP prices reached Rs. 28, IOST prices reached Rs. 1.6, VeChain was selling for Rs. 150 and so on. These prices were atleast 20% less compared to international exchanges.
For a brief period it seemed like the prices were stabilising, and for most part of the day they remained lower than international exchanges but didn’t move much. Zebpay later released an FAQ for their announcement and assured users that ‘INR withdrawals will work till the banks permit’.


zebpay@zebpay

Refer FAQ related to our rupee withdrawal announcement. Here are some of the commonly asked questions, and our responses.https://www.zebpay.com/blog/rupee-withdrawal-faq/ …
9:12 PM - Jun 21, 2018

FAQ Related to Our Rupee Withdrawal Announcement | Zebpay Blog

After our last communication customers have several questions in mind. Here are some of the commonly asked questions, and our responses.
zebpay.com
Twitter Ads info and privacy

The FAQs may have helped some users to calm their nerves down. However, the titular virus has spread and some alts are selling at over 20% less prices on Indian exchanges as of now. Zebpay’s announcement crashed the market for all Indian exchanges.

Comments

Post a Comment

Popular posts from this blog

How Cryptocurrency Prices Work, Explained

-
Image
1. How do cryptocurrency prices compare to fiat currencies? Neither is backed by a commodity like gold or anything with an underlying value. The biggest difference between cryptocurrency values and fiat money is that fiat currencies are backed by central governments and declared as legal tender. Its value is basically derived from the fact that the central government has stated that it has value and two parties in a transaction put their trust in that value. Most countries today operate in a fiat currency system, where central banks and monetary reserves control the supply of money and, as such, indirectly control inflation. Cryptocurrencies, on the other hand, are not controlled by a central government or authority, and most regions do not accept them as legal tender. Cryptocurrencies will also generally have a fixed supply and, therefore, the devaluation of cryptocurrencies through inflation is mostly nonexistent. Other than that, both fiat and cryptocurr...
Read more

The Daily: Bitcoin Enters Indian Politics, Blockchain Obsession Grows

-
Image
On the backdrop of recent developments concerning the status and the future of cryptocurrencies in India, Bitcoin has been dragged into a political scandal between the country’s two major parties. We’ve covered the story in today’s Bitcoin in Brief. Also in the daily, check the details around some BCH-related projects and services, as well as the latest incarnations of the blockchain technology. Bitcoin in a Blame Game With all the emotion surrounding the  fate  and  future  of cryptocurrency in India, it was just a matter of time before Bitcoin entered big politics and big scandals in Delhi. This week, the Indian National Congress (INC), one of the two leading parties in the country, accused its major political opponent, the ruling Bharatiya Janata Party (BJP), of being complicit in a “bitcoin scam”. On Thursday, INC spokesman Shaktisinh Gohil demanded a judicial probe into an alleged money-laundering scheme using the cryptocurrency. Shaktisinh Goh...
Read more

Indian State Embraces Blockchain Technology to Mitigate Fraud in Government

-
Image
The Indian state of Telangana looks primed as a blockchain technology forerunner in the subcontinent. On July 26, 2018, state officials signed MoUs with various blockchain startups and consultants to augment the use of the burgeoning technology in administrative services. Bringing Transparency to State Administration As  reported  by  Business Standard , Telangana’s I.T. and Industries head Jayesh Ranjan noted the implementation of blockchain technology in “six or seven” government applications. Earlier, the state had piloted blockchain-based land registry and pension platforms to bring transparency and mitigate fraud in the two middlemen-dominated businesses. Rajan revealed migrating to blockchain-based platforms helps omit the opacity of governmental sectors by assisting citizens in tracking sensitive information and pinpointing the progress of essential applications. However, Rajan did not name any area of implementation yet, rendering any presumptions as ...
Read more