“India’s biggest crypto exchange- Zebpay, 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’s leading Bitcoin exchange tweeted that the local Ruppe withdrawals could come to a halt, which created a panic in the market and Bitcoin traded as low as Rs 2,90,000 ($4,273.20) (in Indian local currency) per Bitcoin in India.
Zebpay Announcement: Your Rupee Withdrawals Could Stop pic.twitter.com/DFQOWC1gBs
— zebpay (@zebpay) June 21, 2018
Because of the Zebpay fud, 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)