Cryptocurrency News: Bitcoin Price Slumps To $5430 On RBI’s Crypto Ban

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    RBI in its first monetary policy review of the fiscal year 2018-19 on Thursday almost banned cryptocurrencies without categorically specifying it. This led to a sharp fall in the price of crypto tokens including bitcoins on Indian exchanges.

    Bitcoin Price Slumps To $5430 On RBI's Crypto Ban

    The government hinted of its intentions to roll out its own virtual currency and asked all regulated financial entities to cut-off ties with private players with stake in such currencies.

    Just before the RBI announcement, bitcoin in international market was trading at $6,950 while on India's most popular Zebpay exchange it was trading at 8% premium at Rs. 5,00,000 (1 dollar=Rs 65). Nonetheless, at 11:30pm IST, international markets quoted bitcoin at $6,701 or Rs. 4,35,565 but on Zebpay it lost almost 27% in value and traded at Rs. 340,400.

    As per the Zebpay website, bitcoin crypto recovered early losses and was trading higher at Rs. 3,53,200 at 12:33 pm on Friday.

    Other cryptos including the likes of ethereum, litecoin, ripple etc. also witnessed similar fall in tandem with bitcoin token.

    RBI has given a time of three months to regulated institutions to cut-off ties from all such crypto dealings.

    Story first published: Friday, April 6, 2018, 14:36 [IST]
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