Regulatory discussions in India around a crypto ban caused panic selling on major crypto exchange WazirX, resulting in massive price drop on leading cryptocurrencies including Bitcoin (BTC) and Ether (ETH).
Crypto prices in India crashed soon after the parliament announced to introduce and list 26 new bills in the Winter Session, which included the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021. As Cointelegraph reported, the bill seeks a legislative vote on creating an official digital currency while imposing a ban on “all private cryptocurrencies,” starting Nov. 29.
A mass sell-off on WazirX in the morning of Nov. 24 at 3:30 a.m. UTC tanked the price of Bitcoin from nearly Rs. 4,600,000 ($61,820.73) to Rs. 3,917,659
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