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India’s Central Bank Tells Banks Not to Rely On Defeated Crypto Ban




In brief

  • The Reserve Bank of India told banks not to rely on an old circular that the Supreme Court debunked last year. The circular said that banks shouldn’t work with crypto exchanges.
  • Indian crypto executives told Decrypt that today’s notice is unlikely to convince major banks to work with them.

India’s central bank has asked banks not to cite its 2018 circular that barred them from dealing with crypto companies, and reminded banks that the country’s Supreme Court quashed the ban last year.

In the April 2018 circular, the Reserve Bank of India said that banks couldn’t deal with “any individual or business entities dealing with or settling virtual currencies.”

Last March, India’s Supreme Court ruled that the central bank’s circular carried no weight and that banks could transact with crypto companies if they so wished. Despite the ruling, major Indian banks continue to bar crypto exchanges.

Indian crypto exchanges have continued to challenge the RBI. This past Friday, several exchanges threatened to take the RBI to the Supreme Court after it emerged earlier this month that the RBI informally told banks to cut ties with crypto businesses.

Finally, the RBI has met the demands of crypto exchanges.

“In view of the order of the Hon’ble Supreme Court, the circular is no longer valid from the date of the Supreme Court judgment, and therefore cannot be cited or quoted from,” said the RBI’s Chief General Manager, Shrimohan Yadav, in a notice today.

Sidharth Sogani, CEO of Indian crypto intelligence firm CREBACO, told Decrypt that today’s notice fulfilled a long overdue formality. The RBI was trying to “save itself from legal headache” caused by the threat of the lawsuit, he said.

While the RBI’s notice said that banks can serve any customers that meet their standards, it didn’t encourage banks to work with crypto companies, and there’s no indication that today’s notice will change much at all.

“Multiple bank managers have told me they are not allowing crypto as per their internal compliance policy—not because of the RBI,” Zakhil Suresh, founder of crypto trading simulator SuperStox, told Decrypt.

Suresh said that bank policies have already hurt the industry. “Even employee bank accounts were frozen for receiving salary from a crypto exchange,” he said.

Sogani expects that small banks may now allow crypto customers. Better than nothing, he said; however, small banks often don’t offer the complex APIs that crypto exchanges need.

But if no major banks will work with crypto companies, crypto exchanges will remain stuck in the mud.



Anthony Pompliano Shares His Thoughts On The Bitcoin Downturn





Bitcoin crashes 20% leading to blood in the streets. A bounce at $28.8k during early evening GMT was followed by a strong surge taking BTC back above $30k.

The $30k-$31k zone has proven to be strong support over the past month or so. But can Bitcoin close the day above this level?

Currently, market sentiment is in extreme fear. But in an attempt to settle the anguish, Bitcoin-bull Anthony Pompliano tweeted his thoughts on the situation and what he’s doing at the present time.

Pompliano Takes A Long-Term Bitcoin Outlook

By his own admission, Pompliano states he’s an “atrocious trader” and doesn’t look to time markets. Instead, given his long-term view on Bitcoin, and a belief it will increase in value over time, his strategy is to accumulate by dollar-cost averaging in.

“I‘m not a trader. I don’t look at charts and I don’t try to time markets. If anything, I’m an atrocious trader who is guaranteed to lose 🙂 I have a very long-term view of the asset and believe it will continue to accrue value and adoption over the next few decades.”

Pompliano explains that this means buying Bitcoin at regular intervals, regardless of its price. This might mean buying when the price is high, or when it’s low. The overriding factor, as he puts it, is “time in the market is more important than timing the market.

Taking all of this into account, short-term dips are of no concern because one day he intends to hand his Bitcoin to his grandchildren.

For that reason, Pompliano spins the current market dip into a positive situation, in that, it enables him to aggressively accumulate.

But What About The Short-Term Picture?

Regardless of the long-term view, what will happen in the near future is of concern to many people.

Analysis of longs vs. shorts shows traders are overall long at a ratio of 7:3. Of the three platforms concerned, Bitfinex traders are overwhelming long with only 9% of trades short. Whereas BitMEX traders are pretty much evenly split with a slight bias to the shorts.

Bitcoin longs vs. shorts


Technical analysts are posting mixed ideas. Wicktator believes the current support zone will hold, triggering an impulse move higher to $100k.

“Anticipating the next bull run to surpass the all time highs!

Entry: On lower timeframe, wait for the break of the descending trendline to break and get your entries in and stops below the low.

Goodluck and Trade safe!”

Bitcoin TA


noted bullish divergence on the RSI, which may point to a reversal. However, given the intensity of the breakdown since mid-month, he concludes instability in the markets. In turn, he expects a pullback of between 10%-15% in the short to medium term.

Bitcoin TA


The coming days and weeks will be a real test for those who claim to have diamond hands.


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Bitcoin Fundamental Tool Produces Worst Reading Since the Bull Run Began





Bitcoin has given the worst Puell Multiple since this bull run began. The coin has been on a downward spiral lately. News of crackdowns out of China. Miners having to find alternate locations for their activities. Mining facilities are airlifting their mining rigs out of China to the U.S. China also issued a ban on digital currency transactions. The country ordered banks to block all transactions involving crypto.

There have been record crypto liquidations taking place. With approximately $1 billion pulled out of the market overnight. Crashing prices along the way. A culmination of these events has led to the worst Puell Multiple reading in recent months.

Related Reading | Over 3 Metric Tons Of Bitcoin Mining Rigs Airlifted Out Of China

This has dragged the Puell Multiple down to a staggering 0.81. The lowest it has ever been in eight months.

The Puell Multiple is the ratio of the daily value of the issued coin in USD divided by 365 days moving average of the daily value of issued coins in USD.

Bitcoin Hash Rate Falls

With so many miners out of commission in China, the bitcoin hash rate has fallen dangerously low. The hash rate for BTC has been below 105 billion for two days in a row. The seven-day average dropped down to 129.1 million exahashes on Tuesday.

the total computational power used to secure transactions on the blockchain is the bitcoin hash rate.

This is the lowest that the hash rate has been in over six months.

Bitcoin chart from

Bitcoin price falls as hash rate falls | Source: BTCUSD on

This is a direct result of the ban on crypto mining in China. Entire regions have shut down their mining farms. With the remaining mining farms in other regions poised to follow suit. Sichuan’s initiative making the list for the clampdown of mining operations.

State-run electricity companies have been asked to make sure that no crypto activities are being carried out.

Number Of Daily Issued BTC Falls

The number of daily issued bitcoin has fallen.

The number of bitcoins mined per block fell to 6.25 after the last halving. With about 144 blocks mined each day, this added up to about 900 bitcoins mined each day.

Related Reading | Clean Bitcoin Mining Solutions Grow Thanks To Ongoing China Crackdown

With the recent crackdowns on mining, the number of BTC issued each day has fallen. This is due to the fact that a lot of miners are offline. So, this means that not enough blocks are being hashed. Due to not enough computational power only to solve the complex equations required to process bitcoin transactions.

Roughly 700 bitcoins were issued into the market in the last 24 hours.

This number translates to a 22% decreased in the number of bitcoins mined.

This leaves a lot of uncertainty in the market regarding the future of the coin. And the market in general.

Featured image from Nairametrics, chart from


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Why Michael Saylor And MicroStrategy Are The Biggest Risk To Bitcoin





Bitcoin price is in a precarious position, on the ropes after a nasty selloff and on the cusp of losing support. All while this happens, MicroStrategy CEO Michael Saylor continues to buy BTC, adding to the corporation’s already sizable position.

While there are plenty of market participants that cheer the corporate crypto bull on each time it happens, the more the company holds the most systemic risk it brings to the first ever cryptocurrency and its underlying network. Here’s why.

Dear Michael Saylor: Stop Buying Bitcoin For The Sake Of The Network

Disclaimer: The below is the opinion of the author and may not be representative of Bitcoinist. 

Popular opinion is everything these days. If you aren’t woke, well, you might as well not exist anymore. The hive mind tends to think all alike, and going against the crowd leads to being an outcast.

At the expense of going against popular opinion and the risk that comes with it, there’s a need to call attention to the risk that’s being created in the top cryptocurrency by market cap, thanks to one specific actor: Michael Saylor.

The entire point of Bitcoin was so that no third-party or one actor could influence the network of money itself. Even Satoshi Nakamoto disappeared from existence for this very reason.

The emergence of figureheads in crypto is rather new, with the likes of Elon Musk coming out of nowhere and then suddenly commanding the masses of crypto holders. They listened. Dogecoin went to the moon like the spaceman said and its since come crashing back down to reality now that they billionaire isn’t coming to buy their increasingly heavy bags.

Related Reading | Why Bitcoin Doesn’t Need Musk, Saylor, Or Anyone Else

The impact of Musk cannot be understated, especially because Tesla has nowhere near the position as MicroStrategy. The Saylor-led company has turned from software solutions firm to crypto-exposure asset, and it has done well for MSTR shares and the company’s bottom line. That is until now.

bitcoin michael saylor

A satirical take on all the times Saylor stacked more BTC | Source: BTCUSD on

Because Saylor kept on loading up on BTC throughout the last year, he’s potentially now at a loss on his buy in price, and because he keeps adding to his position, he could become a target of whales who want to force the corporation to liquidate its positions.

Saylor has stayed strong while Musk has floundered, so the man still deserves credit for his commitment to the cryptocurrency and its adoption. He’s also a great guy, spending time talking to toddlers online about crypto and promoting education and advocacy across the world.

The problem is, however, is his lack of risk aversion could lead to him and his firm to become a target. And because Musk turned, there’s an example of the damage that can be done when this happens now on record. If Saylor was forced to sell, and turn his back on Bitcoin – how bad could things realistically get?

Related Reading | By The Numbers: Here’s How Much MicroStrategy Has Made On Bitcoin

Centralization of so many coins in one man’s hands can have dangerous implications even if they have the best intentions, and it is completely counter to what crypto is supposed to be all about.

The next time you consider cheering on Saylor’s next BTC purchase – and he will keep buying, even launching notes to pay for more coins – think of what might happen if he were to jump ship.

Also, consider the fact that Michael Saylor topped the list of dot com bubble era losers, losing billions in dollars at the time. Let’s hope lightning doesn’t strike twice with his investments again.

Featured image from iStock Photos, Charts from


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