“India’s biggest crypto exchange- , is leveraging upon its current leadership in the market (by volume). The carefully orchestrated manipulation of the crypto market has disrupted the entire ecosystem at large.”

India’s relation with Crypto

With the recent announcement of the Reserve Bank of India (RBI) about not accepting Bitcoin or any other form of digital currency as a legal form of payment, people had thought that Bitcoin altogether had been banned and that holding, trading, buying, selling etc is now a criminal offense in India. However, that is not the case. RBI has simply called for not accepting it as a legal form of payment anywhere in India, and digital currency investors and enthusiasts are still active on the digital currency platform with mining, buying, selling, trading and holding their Bitcoins and other virtual coins. However, RBI’s announcement has definitely caused a certain unrest in this sphere with people having started doubting the future scope of their virtual tokens.

Zebpay, India price manipulation

Zebpay Manipulation?

Zebpay, India’s leading Bitcoin exchange tweeted that the local Ruppe withdrawals could come to a halt, which created a in the market and Bitcoin traded as low as Rs 2,90,000 ($4,273.20) (in Indian local currency) per Bitcoin in India.

Because of the Zebpay , the Indian crypto markets crashed and we saw a lot of panic in the market. We do think to warn the people about the cash withdrawals is ok but with knowing the kind of panic that it will cause with such strong language they used gives some hints of pure Manipulation.

Do let us know what you think about the manipulation by commenting below.

Also read: India and Crypto Regulation: Update (June)

 


9 Comments

RAVINDER BANDI · June 23, 2018 at 9:38 pm

Zebpaay created panic situation in Indian Bitcoin invester they afraid for do not provide bank services to all cryptocurrency so that is the reason why all investors were selling their Bitcoin or other cryptocurrency and zebpaay is manipulation of Bitcoin price almost down to 2,90,000 and suddenly increased to 4,00,000 see everyone says it’s manipulation of price bt this is not correct

vikrant Chawla · June 24, 2018 at 12:01 am

They did that on purpose we all know that. They already knew they will come out clean and make a profit out it. It’s easy we think about our customers when you know you guys actually don’t care. Couple of months back they were reassuring everyone we will move our business this and that, look at their article now. Please proceed with your own risk. Such a double face company. I am sure when people were selling they were laughing over their misery.

Teardrop · June 24, 2018 at 1:31 am

Zebpay was just informing its users that there is a chance they won’t be able to withdraw in the coming weeks.. They could have worded the title better but they were trying to do a service for the Customers.. This article is stupid and pointless.. Anyone with half a brain would realise that they didn’t publish anything wrong.. Crap like this needs to stop.. The exchanges are the only ones fighting the rbi ruling..

avinash · June 24, 2018 at 2:27 am

Yes, zebpay is a chor company

Suprasannarao · June 24, 2018 at 8:12 am

Game playing for there own benefits at certain time will loss all

Amit dhiman · June 24, 2018 at 4:34 pm

Cmon there is no manipulation. everyone already knows that they will not be able to convert crypto into fiat currency here in India. sooner or Later it is supposed to happen. Indian banks will no longer provide services to exchanges after 5th may. So everyone is exiting. You cant buy even a Shit with Bitcoin in India. so there is no reason to hold it if you cant convert it into traditional currency.

Zebpay: Manipulating The Indian Markets, Bitcoin trades as low as Rs 2,90,000 ($4,273.20) | 247 Bitcoin · June 23, 2018 at 4:57 pm

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Zebpay: Manipulating The Indian Markets, Bitcoin trades as low as Rs 2,90,000 ($4,273.20) | 1 Bitcoins · June 23, 2018 at 5:01 pm

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