Bitcoin And Ethereum Prices Remain Steady Amidst India’s Central Bank Crypto Ban

india bitcoin ethereum

In recent weeks cryptocurrencies like Bitcoin, Ethereum and others have suffered what was described as a dip. And recently, we received reports that India’s central bank is positioning itself to ban dealings with virtual currency in the cryptocurrency exchange markets. This directive was tipped to have a ripple effect on cryptocurrency exchange activities. But this hasn’t been the case.

As at the time of this report, the cryptocurrency markets have held their own fairly this week. Bitcoin stayed clear of any trouble by not venturing far off from $7,000, despite reports that India’s central bank will discontinue any dealings with crypto-related businesses in the country. Besides India makes up 10% of the global crypto exchange trades. But this didn’t shake Bitcoin and others.

Reasons For Steady Prices

The relatively steady prices can be attributed to a huge adoption win yesterday in Asia, when OmiseGO and Omise put pen to paper on a Memorandum of Understanding regarding Blockchain and fintech innovation with the South Korean banking affiliate. Bitcoin is currently trading at $6,880, which is up a little than 3 percent 24 hours to the time of this report. Ethereum is also close to $400, currently trading at $381and is up 3 percent 24 hours to this report.

Among the top virtual coins listed via CoinMarketCap, it was only EOS indicated in red that went down a little below over 24 hours to press time at 1 percent and trading for $5.92. Monero, another crypto which updated its protocol recently in a bid to protect the electronic currency against ASIC miners, notably Britmains Antimer X3, is up more than 1 percent 24 hours to press time stationed in 11th on CoinMarketCap, and trading at $170. The total market cap is near $258 billion according to data collected from CoinMarketCap, which is an increase from April 1’s low of $243 bln.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.


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