Zebpay in momentary shock slides the Bitcoin price to 250 K
Feb 01, 2018 Posted / 9279 Views
As Finance Minister of India, Arun Jaitley in its Budget session announced that it would soon curb on the Illicit usage of cryptocurrencies in India at the very moment Zebpay, the leading Bitcoin exchange platform saw the prices dropped to approximately 250, 000 INR.
The prices on exchange plunged immediately after the media started reporting for the Finance Minister's Budget speech and started giving its interpretation on the statement given on cryptocurrencies. Reportedly, there were media houses who wrongly interpreted the move and detailed that the South Asian economic power might soon ban the cryptocurrencies. However, the Finance Minister had only issued the warnings to those who are involved in the wrongful usage of cryptocurrencies majorly those who utilized it for illegitimate purposes such as Money laundering and terrorist fundings. Mr Jaitley said
"The government does not consider cryptocurrencies as legal tender or coin, and will take all measures to eliminate the use of these crypto assets in financing illegitimate activities."
As the price of Bitcoin plunged to roughly 250 K, there were instant reactions from the Twitter community. Some of whom mentioned that they lost lakhs of rupees when they were trading and in the very minute the prices dropped.
In fact, Zebpay tweeted an emphasis statement quoting the exact words by the Indian Finance Minister.
Clearly, people are panicked as to what will be the future of cryptocurrencies. Recently, many FUDs (Fear, Uncertainty and Doubts) were circulating in media lately, which has to lead to huge price dips in the month of January. bitcoin fell from $20,000 to $10,000 (USD) in the very month owing to rumours from South Korea.
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