When you see Bitcoin suddenly plummet, your first reaction is to go online to find various clues.
And today's market without warning signs seems to be aimed at the regulation of the Indian market.
According to foreign media reports, India's cryptocurrency exchange Koinex announced today that it is shutting down operations on the grounds that the country lacks banking support, and there is also great uncertainty in India's domestic regulation.
- Should India ban cryptocurrencies? Some officials resigned and the central bank was even charged
- Bitcoin in India: the premium is over $600, the more banned the more "crazy"
- Indian government organizations recommend a total ban on bitcoin, or will affect legislation
- Indian regulators have procrastination? The cryptocurrency ban has not been lifted, and the people took to the streets four times to protest
- Behind the closure of India's largest exchange: the founder tells the difficult living environment
- India is out, where is Libra's main battlefield to choose?
Koinex co-founder Rahul Raj wrote in his blog:
“In the past 14 months, it has been very difficult to operate a digital asset trading business in India. Our bank accounts have been closed and user deposits have been frozen.”
This seems to be somewhat similar to the 94 incident we encountered in 17 years, but in fact, the trading volume of Bitcoin in the Indian market is almost exhausted. According to the data provided by qkl123.com, in the past month, the daily trading of the Koinex platform. The amount has been less than 200,000 US dollars, compared with its daily turnover of 2-3 billion US dollars in the peak of 2017 has been greatly reduced. (It can be seen that this exchange has almost lost its influence)
(Data from qkl123.com)
This has a lot to do with the Indian government's strong suppression of cryptocurrencies such as Bitcoin.
Earlier this month, there were reports that the Indian government had proposed a draft law prohibiting cryptocurrency transactions and recommended that cryptocurrency users be sentenced to 10 years in prison.
These reports have undoubtedly brought great uncertainty and panic to the Indian cryptocurrency market. Prior to this, several Indian exchanges, Coindta, Conome and Zepay, were forced to close.
Escaped exchanges and more prosperous markets
Today, hoopi, okcoin, and currency security are well-known exchanges. Because of similar bans, they are going to the regulatory-friendly areas. Their number of users is increasing day by day, and the trading volume of the platform is constantly increasing.
Tomorrow, the platform of the Indian market will probably also withdraw from the purgatory and go to the area that embraces Bitcoin.
And Indian currency people, there are many platforms they can choose, Koinex has long been an abandoned option.
Free currency, cannot be supervised
On the same day, at the Bitcoin 2019 conference in San Francisco, USA, Edward Snowden, a defending warrior, said in his speech:
"For me, this is the most interesting thing about Bitcoin. Bitcoin is a free currency. I am not saying that because its price is rising, I mean, this is the first free currency, right? You can Free to exchange and interact. When I think about privacy, about freedom, this is everything: what does freedom mean? Freedom is without permission. To some extent, we can experiment, we can try something, we can even experience failure !"
These speeches ushered in the warm applause of all the audience present.
Recall that after 94, the bitcoin market ushered in the last round of the 20,000 US dollar rumor, the regulation did not let bitcoin die, but made it even more crazy, the same thing happened in the Indian market today. I am afraid that it will eventually become a fuel for the bitcoin bull market.