Post-October last year, Bitcoin rallied in a way that shocked the world. From the modest $4,000 price, Bitcoin surged past $19,000 in just two months. But soon, the fall began and now the most popular cryptocurrency has fallen to below $6,000, lowest in 2018. Bitcoin crashed to a low of $5,787 on Sunday afternoon
There could be many reasons for the fall in Bitcoin — tax selloffs, higher regulations or ban in many countries, multiple hackings et all.
One fine reason is Indian banks restricting any transactions in cryptocurrency .This meansafter July 5 (last date of notice from the supreme court), the bank accounts of cryptocurrency exchanges will be closed. The accounts of the individuals found to be trading in cryptocurrency will also be closed. Most importantly, this is not limited to banks, all entities under RBI has to follow this rule. So no wallets or payments app can help as well.