Bitcoin retreats from record high amid report of Indian crypto ban
Bitcoin (BTC-USD) was in retreat on Monday morning after hitting a new record high over the weekend.
It broke through $60,000 to reach a high of $61,674 on Saturday. The world’s biggest cryptocurrency was in retreat by the start of the week, down 4.4% to $57,847.84 at 9.15am in London.
The price decline came amid reports that India could ban cryptocurrencies altogether, potentially cutting off one of the biggest markets in the world.
Reuters reported on Sunday evening that senior government officials in India were working on a law banning cryptocurrencies. People could be penalised for mining or owning cryptocurrencies under the proposals, according to the report.
The broader cryptocurrency ecosystem was in decline on Monday morning. The crypto market was down 4.5% over 24 hours, according to CoinMarketCap.com. Ethereum (ETH-USD), the world’s second largest cryptocurrency, was trading 5.7% lower against the dollar to $1,785.49 on Monday.
Nigel Green, chief executive and founder of financial advisory group deVere, said regulation was likely to become an increasing concern for bitcoin and the wider cryptocurrency market.
Source – Yahoo News