Bitcoin Tumbles Amid Mixed Crypto Messages From India, Institutional Profit-Taking

“Whale addresses holding 1,000 or more bitcoin have been selling, this does not mean the bull run is over, it just means that profit taking is happening,” according to market analyst Lark Davis.

Ethereum also fell back from new highs overnight...

(Click on image to enlarge)

Source: Bloomberg

As the entire space got hit amid confusing messages from Indian officialsAs one government official says the planned legislation would completely ban cryptocurrency use, another stresses that is not the case.

As reported by Reuters on Monday, trading, mining, issuance and possession of cryptocurrencies are expected to be criminalized in India with an upcoming legislative bill.

CoinDesk reports that the official, who was not named, said the legislation is likely to make it through Prime Minister Narendra Modi’s majority-controlled parliament.

However, on the same day as the Reuters report, the Deccan Herald cited Minister of Finance and Corporate Affairs Nirmala Sitharaman as saying the government is not planning to completely bar cryptocurrency use.

“From our side, we are very clear that we are not shutting all options. We will allow certain windows for people to do experiments on the blockchain, bitcoins or cryptocurrency,” Sitharaman said. She added the growth of the fintech industry depends on such experiments, per the report.

And Indian officials have been discussing crypto crackdowns for weeks.

We give Mike Novogratz the final word explaining that, amid India's potential crackdown, bitcoin is 'hard to kill'

"Bitcoin will literally be like a report card for how citizens think the government is doing managing their finances," says Novogratz.

"We are in uncharted territories on how much money we are printing and btc is a report card on that."

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