Another red day in cryptocurrency market nothing in favour of trader and investor. big whales eating small investors
bitcoin loose support of 6000$ & crash upto 5800$. from last 6 month bitcoin in downtrend & finding his support line from where we can expect bounce back. until now difficult to know bitcoins low point.
Average cost of mining in world is around 4600$ so big chances of bitcoin to touch that level.
some exchanges manipulating price of bitcoin by spreading news, recently Zebpay spreading news are
Zebpay Manipulation
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.
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.
RBI Statement
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.