- There is a lot of panic selling overnight in India according to CEO Nischal Shetty.
- He mentioned this as an effect driven by the yet-to-be-issued crypto bill in India.
Amid India’s current bill to ban all the existing private digital assets in the country, WazirX CEO Nischal Shetty has reacted that he has spotted an ongoing panic selling in crypto overnight.
Notably, he made this statement as a response to the effect of the proposed soon-to-be-issued bill to regulate cryptocurrency in the country. Even though the Indian authorities are now in the introduction phase of the bill, it seems that it is posing a quick effect on cryptos-related activities mainly in India.
By making a u-turn, the bill will eventually take full effect to regulate all private cryptos in India starting November 29. On this note, the crypto space should note that the incoming bill is not meant to regulate cryptos in the whole world, rather, the bill is set to regulate only private cryptos in India.
As the name suggests, Shetty said that the country’s lawmakers are implementing the bill because they don’t want private cryptos to compete with the Indian rupee. He said,
Indian crypto markets have traditionally traded at a premium of 7-8 percent on the back of demand, but are currently at a 5 percent discount compared to global peers
Furthermore, according to Shetty, he observed that the price of all the major cryptos plummeted down from 10-15 percent overnight in India. Based on his analysis, Bitcoin (BTC) was down by 9.88% whereas Ethereum (ETH) also declined close to 7%. Following BTC and ETH are Tether and Solana with a downward trend of 11.73% and 10% respectively in the market.