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A news report implying a total ban on trading, owning, and mining digital assets were among the factors that ended up depressing the cryptomarket. Reuters published a report on Sunday quoting an anonymous senior government official who claimed that India is preparing to enforce a blanket ban on crypto and impose major penalties on those violating the ban.
The source stated that as part of an alleged bill, India is planning to criminalize “possession, issuance, mining, trading and transferring crypto-assets,”. This is coming after the minister of finance of India Nirmala Sitharaman stated in early March that the ministry wants to form a “calibrated” stance on digital assets.
A considerable portion of this population however relies on digital asset mining and trading. ??
The HOT/USD Daily ChartHolo is a peer-to-peer distributed platform for hosting decentralized applications built with Holochain, a framework for developing DApps without the need for blockchain technology. Daily Chart
Bitcoin succumbed to selling pressure consequently, dipping to lows of $54,568 while the majority of Altcoins especially in the top 100 recorded significant losses.
Bitcoin has plummeted 6% due to both negative on-chain and technical factors. High funding rates and Stablecoin inflows along with India’s upcoming ban on cryptocurrencies alluded to Bitcoin’s drop.
On Mar 13th, Bitcoin attained a new all-time of $61,788. Significant portions of this population are not employed in the production, trading of or mining of digital assets. On the other hand, while the cryptocurrency market plunged in response to selling pressure, selected altcoins On the other hand, Enjin Coin, Holo (HOT), and VeChain (VET) enjoyed all-time highs on March 15.
High funding rates and Stablecoin inflows coupled with India’s impending ban on cryptocurrencies alluded to Bitcoin’s drop. HOT later reached its all-time high of $0.0108 on Mar. 15. ?? News on the ban likely to affect their income is bound to lead to panic and market volatility.
On the other hand, while the crypto market tumbled in response to selling pressure, selected Altcoins Enjin Coin, Holo (HOT), VeChain (VET) went ahead to refresh all-time highs on Mar. 15.
HOT/USD Daily Chart
Holo (HOT) is a peer-to-peer distributed platform for hosting decentralized applications built using Holochain, a framework for developing DApps that does not require the use of blockchain technology. It was stated that the alleged bill proposes that “possession, issuing, mining, trading, and transferring crypto-assets” will be criminalized in India.
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On a 7 day basis, Holo HOT (+189.90%), Harmony ONE (+135.08%), Enjin Coin (+77.87%) remained defiant to the selling pressure in the market.
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