Weekly Analysis: India Lift Crypto Ban, Bitcoin Drops to $8,200
Bitcurate Team
RESEARCH AUTHOR
Published on
March 11, 2020

India Enters a New Crypto Phase as The Ban Repealed

 

India’s Supreme Court lifted the ban that prohibited banks from exchanging in cryptocurrency on 4 March 2020, stated that Reserve Bank of India (RBI)’s move was “unconstitutional” and “disproportionate”. Cryptocurrency players flooded Twitter and other social media to celebrate the revolutionary decision after petitions filed against the RBI for approximately 2 years.

An official statement was published in response to the ruling by Co-founder and CEO of CoinDCX, Sumit Gupta. As we know, CoinDCX was one of the cryptocurrency exchanges who petitioned the RBI together with Coindelta, Koinex, and Throughbit.

“Needless to say today is a historic day for not just the crypto community, but for the entire country. (…)The uplifting of the ban by the Supreme Court is going to open new opportunities for India in terms of investments, economic growth, financial inclusion, and market maturation. We have always seen crypto as a potential to unlock India’s dream of becoming a $5 trillion economy and remain committed to carrying out the hard work which is necessary to make this dream come true”.

However, the triumphant may not last long as the government yet to rule the proposed new regulations that would extinguish different purposes of currencies, utility token, and commodity-backed tokens, which would limit crypto businesses to navigate. The draft is called “Banning of Cryptocurrency and Regulation of Official Digital Currency Bill, 2019”.

Over the past 7 days, cryptocurrency India related topics were rising worldwide, with “Supreme Court of India – Court”, “Supreme court – topic”, and “Reserve Bank of India – Bank” became the top 3 keywords.

Bitcoin Finishes a Turbulent Week, Closes at Around $8,200

 

A steep Bitcoin price correction occurred during the weekend, contributing to a total 8% plunge for the last seven days. It was a bitter pill to swallow for the crypto community, because the price has been so volatile since last week. At the time of writing (9 March 2020, 05.25 UTC), was still declining steadily at $7,836.41.

Altcoins were not any better. Top altcoins such as Ethereum, XRP, and Bitcoin Cash faced significant downturn as well to -6%, -8%, and -12% this week.

Different theories arose on what and how it happened. Some people believe that the global pandemic COVID-19 affected cryptocurrency the same way it damaged the traditional investment market. Other believed the plummet in cryptocurrency price was influenced by the crash of oil price to 30%, the lowest level since February 2016. Based on the data from Sentiment Viz, the keywords “oil” and “virus” could be seen popping from the tag cloud, indicated that the Tweeps associated those words with Bitcoin.

Despite the bearish market, loyal crypto traders are still optimistic toward cryptocurrency, especially since Bitcoin halving is just around the corner. Instead, it’s seen as an opportunity to buy, or they usually call as BTFD.

All You Need to Know About Bitcoin ATM

Based on Google Trends, “Bitcoin ATM” was one of the most trending Bitcoin-related topics in February 2020, leaving other popular topics such as “Bitcoin halving” and “Bitcoin Coronavirus” behind.

Furthermore, related queries implied that Bitcoin owners mainly looked for the Bitcoin ATM location in their area, how to use it, and the rate, which can be seen from the top 5 related queries below.

1. Bitcoin ATM near me

2. Bitcoin ATM machine

3. How to use Bitcoin ATM

4. Nearest Bitcoin ATM

5. Bitcoin price

We also checked the “People Also Ask” boxes, a feature on Google Search, and these are what people searched for:

1. Do Bitcoin ATMs give cash?

2. How do you use a Bitcoin ATM?

3. Do Bitcoin ATMs require ID?

4. Do Bitcoin ATMs charge a fee?

Based on our analysis, these are the answers.

 

Top 10 Countries with Bitcoin ATM

Do Bitcoin ATMs give cash?


Yes, just like a conventional ATM, Bitcoin ATMs give and accept cash. To receive the cash, all you need to do is sending your Bitcoin to the machine.


How do you use a Bitcoin ATM?


1. To buy (Genesis1)
- Select “Buy Bitcoin” on the menu
- Choose Bitcoin
- Click scan QR, then scan your wallet
- Insert cash
- Finish
2. To sell (Genesis1)
- Select withdraw on the menu
- Click Bitcoin
- Type the desired amount
- Send Bitcoin to the address from your wallet
- Collect cash

Other versions of Bitcoin ATM work pretty much the same.


Do Bitcoin ATMs require ID and charge a fee?


Some Bitcoin ATMs don’t require ID, facial, fingerprints, or other identifications. On average, the fee costs around 8% for each transaction.

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