Bitcoin, Crypto Crashed In India: Here's Why

Private cryptocurrency prices traded on popular Indian exchanges saw a huge crash overnight. Prices of Bitcoin, Ethereum, SHIB, Dogecoin and MATIC plummeted by double digits on the INR indices.

The price of Bitcoin (BTC), the world's biggest cryptocurrency, is down by over 15% on Indian crypto indices (INR pair).

The price of Ethereum (ETH) is down by over 12%, again exclusively on Indian cryptocurrency indices trading in Rupee.

The price of Dogecoin (DOGE) came down by over 15% again overnight, all thanks to Indian currency paired crypto trades.

Polygon (MATIC) price came down by close to 10% too overnight, as more bad news mounted for Indian crypto investors.

The Indian government wants to ban all private crypto very soon. The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, will be introduced in Lok Sabha in the winter session beginning from November 29, 2021.

The Bill seeks to ban all private cryptocurrencies in India, barring a few exceptions to promote the underlying technology of cryptocurrency and its uses.?

As per Parliament bulletin, the intention of the bill 'is to create a facilitative framework for creation of the official digital currency to be issued by the Reserve Bank of India'.