The world’s largest cryptocurrency, Bitcoin has just slipped down from $10K figure by showing the declining percentage of over 5 percent, major Altcoins followed suit of breakdown.
At the time of reporting, the value of Bitcoin is trading at $9952.59 against the US Dollar by declining at 5.37 percent over the past 24 hours. Eventually, it’s market cap is also appearing with $177,486,239,505.
While Bitcoin is trading with red figures, other leading altcoins as well following the same path. Ethereum/ETH which is the second largest cryptocurrency is down with 5.39 percent whereas XRP sided down with 4.48 percent, Litecoin with 6.09 percent, Bitcoin Cash with 5.34 percent, Binance Coin with 5.13 percent, Tether with 0.69 percent, EOS with 5.99 percent respectively.
However, the reason behind altcoin’s deflating values is still unclear, Bitcoin’s major drop to $9952k figure is quietly connected with India’s stern recommendation on banning Bitcoin within the country. As per the historical reports, the declining price of Bitcoin witnessed the eventual fall of the value of other cryptocurrencies.
Serious Decision on Bitcoin & Crypto Industry
As part of Bitcoin in India, the whole crypto community is shouting at the possible decision of regulators on recommending a ban on cryptocurrencies in India. There’re few prominent tech leaders in India such as Anand Mahindra, Chairman of Mahindra Group who strongly applauded the efforts of Indian committee recommending the ban.
Although he is a tech pioneer but seems quite rash at bitcoin. Following his comment on bitcoin that referred to fund manager Arjun Divech who had stated “Bitcoin is like feathers in a storm; the gusts of wind blow them higher,but at some point they hit the ground.”, the community immediately disagreed and responded their views. One such comment was posted by Indian Exchange WazirX’s CEO Nischal Shetty;
Why has the Financial Action Task Force (FATF) set up positive crypto standards & shared it with all the countries?
If it was all a bubble, don't you think US, EU, Japan would have simply banned it? They're holding discussions on how to positively regulate #IndiaWantsCrypto
— Nischal (WazirX) ⚡️ (@NischalShetty) July 23, 2019
Moreover, few others in the crypto market believe that blow to bitcoin is due to harsh comments from the top public accounting and consulting firm, BTVK headquartered in Chicago. The latest report by telegraph revealed that BTVK called this stage of cryptocurrency as “wild west days”. It states that this “lawless period” for digital currencies like “Bitcoin” is entering its “final phase”.
“If cryptocurrency markets were like the ‘wild west’ in their early years, that period may be coming to a close as lawmakers look to toughen up how markets are policed,”
Moreover, the report tried showing the power of regulators and mentioned that;
“In the meantime, it would be wrong to assume that investigators are powerless in the world of virtual currencies. They have many tools, old and new, at their disposal which mean that cryptocurrency markets should not be seen as a safe hiding place.”
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Tabassum is a full-time content writer at Coingape. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies. Follow her on Twitter at @Tabassumnaiz and reach out to her at Tabassum[at]coingape.com