Bitcoin prices were under intense pressure early this month In past one month, the bitcoin prices have closed above $10,00 for atleast 17 days, making it the new normal. Also, there have been on atleast a dozen occasions that the bitcoin prices closed above $11,000 in past one month on BitStamp.
This happened despite the intense pressure under which the cryptocurrency prices have stayed on account of crackdown by the banks and governments. Early this month, four major banks that include Bank of America, Citi Bank, JP Morgan and Lloyds, restrained their customers from buying the cryptocurrency via credit cards.
Later, Citi Bank extended the ban to debit cards also. Following this, the bitcoin prices had hit a road bump so much so that the prices had fallen below $6,000, shedding 65% of value in just a month, taking the value to its two-and-a-half-month low.
In Indian cryptocurrency market, bitcoin can be bought for Rs 7,10,000 while the selling price is slightly lower at Rs 6,96,500. With the prices again hitting above $10,000 and above Rs 7 lakh in Indian markets, the traders are upbeat again, hoping the revival in the blockchain market.
It is noteworthy that bitcoin had hit its peak to round $20,000 in December last year, but then it fell drastically on a spate of negative news relating to regulatory crackdown, theft, some countries bracing to ban the currency, banks dissuading customers from using its payment gateways to buy them, among other factors. ………………………….. Read more from ndtv.com…
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