India sales affected by illegalization of Crypto by China
FILE PHOTO: Representations of cryptocurrencies Bitcoin, Ethereum, DogeCoin, Ripple, Litecoin are placed on PC motherboard in this illustration taken, June 29, 2021. REUTERS/Dado Ruvic/Illustration
After the Chinese Central Bank declared all cryptocurrencies illegal, a quiet surge has been seen in the sales.
Following the above event, several Indian investors rushed to square off their positions in smaller cryptocurrencies while others took refuge in safer names like Bitcoin and Ethereum.
According to industry trackers, the above lead to a surge of 50% at top Indian exchanges in the previous two days.
While some trying to sell smaller cryptocurrencies….others switched to Bitcoins and Ethereum.
It has created panic amongst investors!
Let’s see what it turns to be like in the upcoming days ….
But according to George Zarya, the chief executive at digital asset brokerage, “China has been known to go to extremes with either very assertive statements and prosecutions or complete radio silence.”
But more chances go with that China will not support cryptocurrency market development and soon release its own digital currency.
Just let us know what you think in the comment section below!