Price of Bitcoin isn’t getting much affected by the traumatic fall of INR these days. For the first time in the history of INR trade value, it breached the low key mark of 70 against the dollar in the international market. Indeed, this has shaken the market badly and things aren’t in good shape as of now. Despite that, the cryptocurrency trade value has been able to maintain a decent price amongst investors. This is pretty weird as the government of India has banned cryptocurrency for quite some time but the investors have maintained their stand for crypto trade.
According to the Times of India, it is stated that INR closed at a 69.90, a little up by 3 Paise turning out to be 69.93 on Monday. However, that ‘s just not the case with INR other currencies are also facing the currency meltdown which includes the Russian Ruble losing 2 percent, Euro declining to a 13-month low price, South African Rand taking a 7 percent plunge and many more across the world.
However, the freefall of the Turkish Lira may have strained the trade values but has made a negligible impact on the price of Bitcoin. The cryptocurrency exchanges operating in Turkey noted a visible surge in the trade as the investors looked upon Bitcoin for recovering their losses. Therefore, the cryptocurrency reversed its fall by 1.6 percent getting back to a better trade value.
INR & Cryptocurrency
In the Indian context, the INR value has depreciated over the span of 25 years against the dollar. Indian economy has been affected several times in the past due to global factors and scams in the past. Another blow came in when the Reserve Bank of India imposed a ban on the cryptocurrency trade earlier this year when it was attracting a whole lot of traders within the country. But the price of Bitcoin still maintains a decent value and the investors in India continue to operate crypto trade through alternate peer-to-peer transaction method.
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