The cryptocurrency market experienced the biggest correction with prices on 19th May. The majority of the cryptocurrencies like Ethereum, BNB, Bitcoin, and others have experienced a 30% drop down in price. However, Chinese regulators also announced the crackdown on cryptocurrencies on 19th May. Recently, China has already barred payment companies and several financial institutions from offering any kind of service related to cryptocurrency transactions. It means online payment channels and banks will not be able to offer any kind of services to customers involving cryptocurrencies like clearing, settlement, trading, and registration.
According to the professionals, China has also issued such a ban in 2017 as well. Chinese governments have released the new rules on cryptocurrencies where new rules have already expanded the overall scope of prohibited. Cryptocurrencies aren’t supported by real value.
Is the announcement of the Chinese Government is main reason behind this crash?
As per professional traders, the Chinese government was a straw because they have broken the back of camels. However, the CEO of Tesla, Elon Musk, has already announced that our company will not accept Bitcoin as payment. Almost 40% dip in the price of Bitcoin. The majority of the long-term investors are continually calling these lower prices a buying opportunity for the investors. It is one of the most popular and biggest cryptocurrencies that were last traded more than six percent at $38,293. The price of Bitcoin dropped on 21st May when Government of the china crackdown on trading activities and virtual currency mining. China has already banned investors from crypto trading. Make sure that you are checking BitBolt where you will able to get proper information about Bitcoin trading.
Cryptocurrency market
The market of cryptocurrency means different things to different investors. The Indian cryptocurrency market is continually booming. The majority of the retail investors are continually adding fuel to the fire with their excitement. The popularity of cryptocurrency in India is at its peak. India is reported to have a considerable amount of cryptocurrency investors. These investors are continually growing day by day. There is no restriction on Bitcoin trading, and trading is being open 24 hours a day.
Will Government All The Bitcoin Trading In India?
According to the experts, the government will surely form a new panel of professionals to look at the possibility of regulating overall cryptocurrency in India. The finance minister is continually tracking cryptocurrency trading in India. They are discussing lots of important things with the stakeholders regarding possible supervisory risks. A new panel will surely look at how blockchain technology will be used to improve overall technology. All the banks were already barred from enabling the consumers to trade in the cryptocurrency by RBI in 2018.
Legal or Illegal Cryptocurrency in India
Finance Minister hasn’t made any kind of prohibition on the selling, purchasing, or keeping of cryptocurrency. They have already mentioned that they are taking important steps to prevent cryptocurrency from being used to finance illicit activities. When it comes to cryptocurrency regulation, then there is a lack of rules and regulations in India. Cryptocurrency regulation should be detailed and well-structured. The majority of the countries like Japan, Australia & Russia have already created helpful legislation on the use of cryptocurrencies.
Decentralized protocols
China has already banned several finance firms from servicing a variety of crypto transactions. Bitcoin is continually attracting a considerable amount of investors from across the world. Therefore, its legal status is drawing significant curiosity. The majority of the international economies are skeptical regarding cryptocurrencies. Government & regulators in several nations are opposed to such asset class. Bitcoin is a popular cryptocurrency that is legal in South Korea. Cryptocurrency has been restricted to minors and outsiders as well. The transactions of the Bitcoin volume have already increased significantly in recent times in South Korea.
Moving Further, the transactions of Bitcoin has been already increased significantly in recent times in South Korea. If you also want to invest money in Bitcoin, then you should consider the important points mentioned above to make sure that you are doing it in the right way. Lots of revolutionary technologies and cryptocurrency services are finding it a little bit difficult to run without proper regulation.
