Bitcoin, Other Cryptocurrencies Take a Beating as India Banks Suspend Accounts

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Bitcoin, Other Cryptocurrencies Take a Beating as India Cracks Down

Bitcoin was taking another beating Sunday after it appeared the cryptocurrency was making a comeback Saturday.

Bitcoin Core was down more than 12% over the past 24 hours to $11,201, Bitcoin Cash was down 16% to $1,722 and Ethereum was down 11%. 

The plunge appeared to culminate after a number of Indian banks decided to suspend cryptocurrency trading accounts. 

From CoinTelegraph:

The banks cite the risk of dubious transactions, according to local reports.

The news follows the request of advocate Bivas Chatterjee who recently filed a public interest litigation (PIL) in Calcutta to impose immediate regulations on Bitcoin and other cryptocurrencies. Additionally, the Ministry of Finance referred to Bitcoin as a ponzi scheme before the end of last year.

Last week's news that South Korea and China had planned to crack down on cryptocurrency trading initially sent prices crashing.

- Aaron Goldstein, Gambling911.com

 

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