Is India's ban on the use of private cryptocurrencies a misunderstanding? Bitcoin tries a new medium

Supporters of the Indian Cryptocurrency Bill reject the idea of ​​banning private cryptocurrencies as a misconception and refer to the huge potential of cryptocurrencies and blockchain technology.

While many markets have been affected by market concerns over the Omicron variant, cryptocurrencies appear to remain unchanged and instead have risen rapidly with the commodity selling off.

The catalyst for the cryptocurrency boom is not yet clear, but it will have something to do with Indian news. Subhash Garg, supporter of the Indian Cryptocurrency Bill and former CFO, dismissed the idea of ​​restricting "examples of cryptocurrencies" as a misunderstanding and referred to the potential nature of cryptocurrencies and blockchain technology.

In the past, discussions around the issue of cryptocurrency in the Indian Parliament have raised concerns about cryptocurrency restrictions, but there has not been a clear definition of cryptocurrency restrictions. The Cointelegraph reported that Indian investors feared the sale of cryptocurrency after announcing the cryptocurrency issue to Congress. Description of the gag:

"(The cryptocurrency law) may be wrong. To say that private cryptocurrencies are banned and this is a government decision would be a mistake."

Gag believes the Indian government should come up with a bill after discussions with stakeholders and cryptocurrency investors. With this statement, Bitcoin rebounded above $ 58,000 per coin.

Ethereum performed better, faster than its two-week high of $ 4,600.

While Ethereum and the future outlook remain positive, financial expectations have collapsed in recent years.

From a technical standpoint, Twitter analyst "Rekt Capital" said Bitcoin hit a close of 58,750 in October and that the price movement towards November is a resurgence of new support areas.

In the long run, the two current exchanges between 2017 and gold in the 1970s are similar, with Bitcoin and gold increasing at the same time in this pattern.

Additionally, the current market value of cryptocurrencies is $ 2,609 billion, and Bitcoin accounts for 42.1% of the total market value of cryptocurrencies.