India has over one million Bitcoin users; the country accounts for nearly 10% trading in volume terms, as per media reports.
SWIFT, the global payments processing network has recently signed a memorandum of understanding with seven securities depositories to look into how blockchain can be used for post-trade processes. In India, there are 11 cryptocurrency trading exchanges identified by the government.
For a time on Wednesday, the price of bitcoin dipped below US$10,000 (RM39,600) - taking it down to about half what it was at its peak last month. It later went on to surge till $19,891, before it went below $10,000.
Assuming that the target market of Bitcoins is likely to be tech-savvy and very comfortable with all things cyber, it comes as no surprise that the largest area of spend for the Bitcoin is IT. Up until a couple of years back only the tech-savvy investors were able to invest in cryptocurrencies. Yesterday also marked the expiration of the first Bitcoin futures contract that had been listed by the CBOE.
Finance minister Kim Dong-yeon said in a radio interview on Tuesday: "The government stance is that it needs to regulate cryptocurrency investment as it is a largely speculative investment".
If you are one of the few Bitcoin holders that wish to part ways with the red-hot cryptocurrency while its stock is still rising, there are actually many legitimate and useful ways to cash it in. It is due time altcoins decouple themselves from Bitcoin's price once and for all, but that is much easier said than done these days.
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From the above table, we interpret that Bitcoin has given a decent fall at regular intervals. Bitcoin is slowly reclaiming lost grounds. During this period, its value fell from $24 to $2.1.
Ethereum, is now valued at $1,132.44, according to Coindesk.com, at 2.39pm GMT, on January 20.
"The run-up in bitcoin created a mystique of one-way trading which is being shaken, but the pricing requires faith that there will always be demand", Englander wrote.
The average of the declines Bitcoin has witnessed between February 2011 and December 2017 is 37%.
As you can see, although the major cryptocurrencies are rather quiet today, there have been some big swings.
You've been hearing all week about the high volatility cryptos have endured.
The government or Reserve Bank of India has not authorised any virtual currency (VC) as a medium of exchange.
The government also made it clear that the government or any other regulator in India has not given license to any agency for working as exchange. In fact, they believe in generating value from these movements.