Bitcoin Stages Recovery, Surges 5%

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Bitcoin, the world’s largest cryptocurrency, extended the recovery it had staged after crashing over 25 percent Wednesday morning. It is currently trading over 5 percent higher at Rs 42.96 lakh on the Indian exchange, WazirX.

Bitcoin prices had crashed Wednesday after a government bulletin said the cryptocurrency bill seeks to ban all private cryptocurrencies in India. The bill also aims to create a framework for a rupee-based digital currency.

Private cryptocurrencies are privacy-based coins issued by private platforms that allow users to transact without having to make their data public. Some popular private coins are Monero, Dash, and ZCash.
As prices of the major coins crashed after the news, most experts suggested investors not to short sell their holdings. “Our belief is the government will move towards regulation rather than a ban … So from our side, the message is: Do not…

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