Bitcoin drops of 3% occur in other major cryptocurrency exchanges in the country, especially in India’s largest cryptocurrency exchange WazirX. The panic selling stemmed from the fact that the bill proposing to ban cryptocurrencies was tabled in the lower house. Nischal Shetty, founder and CEO of WazirX, explained that user density caused the stock market to crash for a short time. As a result of the panic, the price of Bitcoin showed 15% differences between exchanges. Details cryptocoin.com‘in.
Users flocked to social media to complain!
Bitcoin price declined to $ 54,900 on the WazirX exchange due to panic sales, while at the same time, BTC was trading around $ 56,750 on the Binance exchange. Cryptocurrency regulations in India are filling up sell orders on exchanges as the country leaves crypto investors in the dark. Nischal Shetty, founder and CEO of WazirX, reports that the exchange app crashed due to heavy user activity after the government-proposed regulation went public. Fixed browser and app access to the stock market shortly after the crash.
After the panic sale, users took to social media platforms to complain that they could not sell/buy Bitcoin on WazirX and their money was stuck during the transaction. Users also flagged the falling prices of Bitcoin and Ethereum on WazirX and various other Indian exchanges compared to rising values on global exchanges.
Bitcoin, Ethereum and Monero are not considered dangerous
In addition to proposing to ban cryptocurrencies, the bill submitted to the parliament in India also has articles that will encourage the use of technology. However, the lack of clear disclosures about the definition of crypto money in the draft law worried the investors of the country. On the other hand, American media CNN reports that cryptocurrencies will not be banned in India. It is said that this is a regulation, not a hindrance. Due to the panic selling that occurred as a result, the price of Bitcoin differed between exchanges, while the price of Tether, one of the stablecoins, also fell from 80 rupees to 60.
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