Update on Cryptovurrency from Indian government. (23/Nov/2021)
Indian government may ban Private Cryptocurrencies in India. Is it true ? From last few hours, everyone is reading this news on every social media platforms. But what is the reality behind this ?
Let us discuss this in easy words. There is official statement that in Winter session there will be discussion to regulate cryptocurrencies in India. It means that the pathway to start investing in India for crypto will be more clear to everyone. We had long discussion and adviced eveytime to our website viewers that investment in crypto is very risky because there is no regulation. For short term, we may see sell off in Crypto currencies and traders and investors of cryptocurrencies should stay alert and try to book profit in your positions. Once everything will be clear then make up your mind for start any investment in to crypto market. As of now it is better to stay away.
Our website had always given alert on it. Indian Government will not accept crypto as a currency. Rest in the future what will happen, nobody can tell at this moment. It is best keep yourself update with every news on this matter with official sources. Do not trust on rumors.
Previous recommendation before announcement
Reason for selloff in the cryptocurrency market:
Few weeks back we had given alert to our website viewers that we may see profit booking into the cryptocurrency market. In the past few days, We had already seen huge run up into the cryptocurrencies like bitcoin, Ethereum, Dogecoin, Solana & few more. Lat time When we had published this article on our article then Bitcoin was trading around $45,800 after that within in few weeks bitcoin and other cryptocurrencies had given huge run up. Today Bitcoin is trading at $58,840, Ethereum is trading at $4003 & Solana is trading around $191. After huge run up in these cryptocurrencies, Profit booking was expected. So crypto traders should not much worry about it. Reserve bank of India & SEBI both have different views on cryptocurrency to accept as a financial assets. In India, there are lot of cryptocurrency Investors. This might be the reason of profit booking in the cryptocurrency market. But as of now there is noting for worry but traders need to follow strict stop losses
We have updated new levels of following cryptocurrencies. Please read those levels and set stop loss and trading targets according to those levels.
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Few weeks back, when we had published article on our website:
Can we see more downside in cryptocurrency market:
The Central American nation of El Salvador on Tuesday acknowledged bitcoin as legitimate delicate, however the world's generally famous, most established and biggest cryptographic money didn't go down well with it. On Wednesday, its price fell by as much as 10 thousand dollars. The price of bitcoin fell in excess of 15% to $42,000.
Its Launch was influenced because of specialised errors in El Salvador. President Nayib Bukele said that the advanced wallet being utilized for the exchange isn't working. Alongside bitcoin, the price of other cryptocurrencies has additionally fallen radically. As per CoinGecko, this decrease has diminished the market worth of the digital money by $300 billion as of now.
- At what Price level you should buy Bitcoin?
- Is it right time to buy ethereum crypto currency?
- Is it right time to buy Bitcoin?
Can we see more correction in cryptocurrency market?
You will get answers of your questions.
Nonetheless, there has been some remedy in the price of bitcoin as the day advanced. If we will check the prices of bitcoin, ethereum on cryptocurrencies exchanges then bitcoin was trading around $ 45800 which is equal to Indian currency Rs 3604359 with a fall of more than 11% it was the big correction in any cryptocurrency. Similarly in other popular crypto currency , price of Ethereum, was trading down nearly 12% at $ 3323 which is equal to Rs 262617.
Similarly, the price of Dogecoin fell by more than 14%. Recently Solana had showed big up move in its price and made life time high but today the price of Solana crypto was down by more than 11 percent. Similary Cardano crypto had also show up side movement in the past few weeks but today the price of Cardano was down by more than 12 percent. XRP which is not popolar in cryptocurrencies traders , the price of XRP also dropped down more than 18% which was big correction as compared to other crypto coins. On the other hand, we had seen some upside movement in few crypt currencies like XEC & its price had increased by more than 3. 8 % . Also we had seen good upside movement in FET of today trading session of crypto currencies & FET was trading up by more than 14 per cent. As per the Experts view if the price of Bitcoin is above $43,000 then experts are not expecting much downside in bitcoin and they will remain bullish on Bitcoin but if Bitcoin break the level of $42,500 level or below $42000 levels in coming days then it will be alarming situation for the Bitcoin currency traders.
Also Read:Few days back Solana & cardano crypto was making highs
Compare cryptocurrency market with Stock market:
There is no any question that cryptocurrency is in demand from last few years. In the foreign countries youngsters are attracting more toward crypto currency because all they want digital wallet currency. In India people are also investing inthe Bitcoing & other cryptocurrencies at their own risk.
We had see huge upside momentum in the cryptocurrencies in last couple of years, crypto like bitcoin,Solana crypto, Cardano crypto & Ethereum crypto prices. Similarly we had big upside movement in India world stock markets and we have not seen much corrections from last couple of months but we all know that correction in the world stock markets are also due but on one can say when it may start. Even there is not direct comparison in between Cryptocurrency market & Stock market because stock market comes under government regulation but crypto does not but still money is involves in both exchanges. people invest in crypto currencies for earning profit as they do invest in the stock market it means motive is same that is making profit. Therefore once big investors or big traders will think that now markets are overvalued then we always see deep corrections in the financial markets which is quite obvious. Every investor & trader want to book profit. Mind it big correction never come into few days it comes in steps. IF you will read it carefully then you will get answer of your above questions.
Must Read: How you can earn profit from cryptocurrency
Indian Government action on Digital currency:
In India traders of Crypto are taking precautions or we can say that they need to stay alert. The central government may before long make a major stride on digital currencies. The public authority can place it in the classification of resource or commodity. If it happens then we may see big trading move in either side. As per the experts of currency markets , crypto assets will be defined on the basis of their technology or end use. In current situation, the biggest problem in front of the government is that how government should be considered as cryptocurrency and what will be the taxed on it. Should it be treated as an asset or service like a currency, commodity or equity share.
Few Months back when the price of bitcoin hit $29,000 in June then it was a six-month low. Now we have seen big upside movement from those levels & Bitcoin went like a rocket. Such type of big up movement is also concern for the government of countries where people have invested a lot in cryptocurrencies. Bitcoin is still far from its record price, which is around $65,000. Bitcoin touched this level in April.
Previous RBI Deputy Governor R Gandhi said that crypto isn't a currency however it ought to be treated as a different resource class. It ought to likewise be managed similarly. This will assist governments all throughout the planet to viably manage criminal operations including virtual monetary standards. In an occasion, R Gandhi said that following quite a while of discussion people have perceived that cryptographic money can't be on the grounds that it isn't lawfully substantial. it will be easy to say nobody can compel someone else to acknowledge crypto.
Disclaimer: Above shared Data of cryptocurrencies prices is collected from different cryptocurrency exchanges. Please do your own research before making any investment or selling. My view may differ from other experts of same market.
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