The bitcoin-rupee swap rate went into a free fall after regulators in China forced BTC China, one of the world's biggest exchanges for the digital currency , to down shutters on Thursday .
The swap value dropped to Rs 2.2 lakh per bitcoin from Rs 3.44 lakh more than two weeks ago, dealers said. A statement by Jamie Dimon, CEO of JPMorgan Chase, that crypto-currencies won't end well further hit the market sentiment.
“Even after this price drop, bitcoin prices are still at levels which were at all-time highs just two months back,“ said Sandeep Goenka, co-founder of Zebpay, a bitcoin exchange. Goenka played down China's action against bitcoins.
But we all know zebpay tries to hold a little in the start and then drastically pull the bitcoin rates down.
My advise: Pull back money now before it is to late, then buy again at low rates. win win :)