Bitcoin Price at Risk as Supreme Court of India refused to grant temporary stay against RBI’s Banking restriction

Bitcoin Price may go down again tremendously as Supreme Court of India refused to grant a temporary stay on RBI’s cryptocurrency restriction. The Reserve Bank of India released a press release in April asking all banks to shutdown the accounts that are dealing with the Cryptocurrency business.

This became a huge news and price of the Bitcoin and altcoin started falling down and it is still in downtrend. The RBI gave a time frame of 3 months to the Crypto investors and banks to stop dealing crypto deals using bank accounts. As per the press release statement, 5th July is the last date for banks to stop dealing with cryptocurrency accounts that bought a huge trouble to the Indian Bitcoin trading exchanges.

Exchanges filed a petition to grant a temporary stay against RBI’s decision. But today, Supreme court of India refused to grant the stay which will bring a big trouble to the Indian exchanges in deposit and withdrawal process.

So there is a big chance for Bitcoin to follow downtrend and hit $6,000 again. So trade safely with stop loss. Some of the exchanges in India planning to launch Escrow feature, so Indians can still buy crypto using FIAT. Also, many exchanges have crypto crypto pair for trade.

Share this news as soon as possible and save your friends from losing in this downtrend trades.

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Shane Watson

About the Author: Shane Watson

Shane is a cryptocurrency journalist and an ICO writing consultant at The Written Craft content service. He's an advocate of decentralized public control of finance, an off-grid enthusiast, and really fun at parties too.