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Crypto industry urges government to reconsider ban

Technical Mechzone

Crypto firms in India have also experienced a successful year since the lockdowns in March 2020. Trading on crypto exchanges increased manifold, while Bitcoin’s sudden bull run in December brought in more investors as well. The current move poses a threat to the future of this industry


NEW DELHI: The domestic cryptocurrency industry has been urging the Center to reconsider its apparent plan to ban private cryptocurrencies, like Bitcoin, in India. Industry stakeholders said while the government’s intention to create a Central Bank Digital Currency (CBDC) is a welcome move, the definition of what the government considers “private cryptocurrencies” will be important.


The Indian government’s plan to “create a facilitative framework for creation of the official digital currency to be issued by the Reserve Bank of India (RBI),” was announced in the agenda for the upcoming Budget session of Parliament. The legislation seeks “to prohibit all private cryptocurrencies in India”, the agenda said. It is meant to allow the use of blockchain technology, which is the underlying tech behind cryptocurrencies, but many expect that it will make the use of currencies like Bitcoin and Ethereum illegal in the country.


“The digital currency bill to be introduced in the Lok Sabha is a welcome step. Its success will depend on the details, particularly the definition of what the bill calls ‘private cryptocurrencies’. This is not a common term. Bitcoin is not privately owned by anyone. It is a public good, like the internet,” said Rahul Pagdipati, chief executive officer (CEO) of crypto exchange and wallet ZebPay.


Industry executives say the government’s concern is likely about the possible use of cryptocurrency as an alternative to the Indian rupee (INR). They argued that cryptocurrencies instead are similar to assets such as gold. “As an industry, we’re in sync with the fact that INR is the only legal tender in India and about crypto being an asset/utility that people buy and sell,” said Nishcal Shetty, founder of WazirX, India’s largest cryptocurrency exchange, which was acquired by Binance, the largest crypto exchange in the world.

“Bitcoin and most crypto assets are more like gold and not an alternative to government-issued legal tender,” said Pagdipati. “Crypto assets and digital government currency can coexist and together,” he said.


The industry has urged the government to consult stakeholders before coming to a decision. “We urge the government to take the opinion of all the stakeholders before taking a decision that may affect the livelihood of the entire workforce employed in the digital asset industry in India,” said Shivram Thukral, CEO of BuyUcoin, another cryptocurrency exchange and wallet. “We have faith in the government and hope that this bill will move India forwards, not backwards,” said Pagdipati
The latest declines are occurring almost a year after cryptocurrency markets, fuelled by a rush of new, wealthy investors, went into overdrive.
Crypto firms in India have also experienced a successful year since the lockdowns in March 2020. Trading on crypto exchanges increased manifold, while Bitcoin’s sudden bull run in December brought in more investors as well. The current move poses a threat to the future of this industry


NEW DELHI: The domestic cryptocurrency industry has been urging the Center to reconsider its apparent plan to ban private cryptocurrencies, like Bitcoin, in India. Industry stakeholders said while the government’s intention to create a Central Bank Digital Currency (CBDC) is a welcome move, the definition of what the government considers “private cryptocurrencies” will be important.

The Indian government’s plan to “create a facilitative framework for creation of the official digital currency to be issued by the Reserve Bank of India (RBI),” was announced in the agenda for the upcoming Budget session of Parliament. The legislation seeks “to prohibit all private cryptocurrencies in India”, the agenda said. It is meant to allow the use of blockchain technology, which is the underlying tech behind cryptocurrencies, but many expect that it will make the use of currencies like Bitcoin and Ethereum illegal in the country.



“The digital currency bill to be introduced in the Lok Sabha is a welcome step. Its success will depend on the details, particularly the definition of what the bill calls ‘private cryptocurrencies’. This is not a common term. Bitcoin is not privately owned by anyone. It is a public good, like the internet,” said Rahul Pagdipati, chief executive officer (CEO) of crypto exchange and wallet ZebPay.


Industry executives say the government’s concern is likely about the possible use of cryptocurrency as an alternative to the Indian rupee (INR). They argued that cryptocurrencies instead are similar to assets such as gold. “As an industry, we’re in sync with the fact that INR is the only legal tender in India and about crypto being an asset/utility that people buy and sell,” said Nishcal Shetty, founder of WazirX, India’s largest cryptocurrency exchange, which was acquired by Binance, the largest crypto exchange in the world.


“Bitcoin and most crypto assets are more like gold and not an alternative to government-issued legal tender,” said Pagdipati. “Crypto assets and digital government currency can coexist and together,” he said.

The industry has urged the government to consult stakeholders before coming to a decision. “We urge the government to take the opinion of all the stakeholders before taking a decision that may affect the livelihood of the entire workforce employed in the digital asset industry in India,” said Shivram Thukral, CEO of BuyUcoin, another cryptocurrency exchange and wallet. “We have faith in the government and hope that this bill will move India forwards, not backwards,” said Pagdipati.



India has considered banning cryptocurrencies once earlier. The government had floated a draft bill for “Banning of Cryptocurrency and Regulation of Official Digital Currency Bill” in 2019. That bill proposed a fine or imprisonment of up to 10 years, or both, for mining, holding, selling, trade, issuance, disposal or use of crypto in India. The Reserve Bank of India (RBI) had also issued a circular in 2019 that banned banks and other regulated entities from doing business with crypto companies. This was struck down by the Supreme Court last year.


According to data from analysis firm Venture Intelligence, investments worth $24 million went into crypto firms in 2020, after the Supreme Court’s decision, up from a mere $5 million in the year before. Crypto firms in India have also experienced a successful year since the lockdowns in March 2020. Trading on crypto exchanges increased manifold, while Bitcoin’s sudden bull run in December brought in more investors too. The government’s current move threatens to put the future of this industry in disarray once again.

Posted by Technical Mechzone

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It is to be noted that the government is considering the introduction of a bill to set up a development finance institution (DFI) in India as well.

Technical Mechzone

For those interested in cryptocurrencies, the government of India has listed a bill to be introduced in the Parliament during the Budget session of the 17th Lok Sabha. The bill seeks to ban private cryptocurrencies like Bitcoin, Ripple, Ether, and others in India.


The government is likely to table the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021. It is aimed at creating a ‘facilitative framework’ for an official digital currency in India to be issued by the banking regulator, the Reserve Bank of India (RBI). The government’s bill also seeks to ban the Bitcoin, Ether, Ripple, and other private cryptocurrencies but it may allow certain kinds of uses and promotions of the technology behind them.


According to the RBI booklet on payment systems, the government is sceptical of these currencies and RBI is exploring the creation of a digital version of the Indian national currency.


“In India, the regulators and governments have been sceptical about these currencies and are apprehensive about the associated risks. Nevertheless, RBI is exploring the possibility as to whether there is a need for a digital version of fiat currency and, in case there is, how to operationalise it,” the booklet said while acknowledging how private digital currencies have gained popularity recently.
These private cryptocurrencies were banned earlier as well, but the Supreme Court later overturned the previous ban in 2018.

It is to be noted that the government is considering the introduction of a bill to set up a development finance institution (DFI) in India as well. The central government will introduce The National Bank for Financing Infrastructure and Development (NaBFID) Bill, 2021 in the Parliament.



According to media reports, the DFI is going to act as a catalyst and promote infrastructural financing. It will be the principal financial institution and development bank in India to provide a supportive ecosystem for the infrastructure projects in the country across their life-cycle.
Posted by Technical Mechzone

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Budget Session to See New Bill Banning Bitcoin in India, May Make Way for Official Digital Currency Issued by RBI

Technical Mechzone

The budget session of Parliament is all set to introduce a new bill that bans private cryptocurrencies and provides for an official digital currency to be issued by the Reserve Bank of India.

The Union Budget, which will be presented on February 1, is looking towards the introduction, consideration, and passing of the Cryptocurrency and Regulation of Official Digital Currency Bill. Apart from prohibiting all private cryptocurrencies in India, the bill also seeks to create a facilitative framework for an official digital currency issued by the RBI. However, as per a Lok Sabha bulletin, the bill allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses. In 2018, the Indian central bank had banned crypto transactions after a number of frauds came to the fore following PM Modi’s decision to ban 80% of the nation’s currency. As a result, the Cryptocurrency trade was brought to a halt after the RBI asked all regulated entities, such as banks, to stop any dealings related to private cryptocurrencies as part of that order.However, the table’s turned when a supreme court bench, headed by Justice Rohinton F Nariman, quashed the central bank’s circular on grounds of disproportionality.

According to a report by Bloomberg, the court ruled that RBI had failed to show “at least some semblance of any damage suffered by its regulated entities’’ to back its decision to effectively bar cryptocurrencies in India.” From then Cryptocurrency exchanges began operations yet again.

The rapid surge in the price of Bitcoins accelerated its use by top banks, which had stopped dealing with cryptocurrency exchanges after the RBI’s order. The dealings with the cryptocurrency became a point of global debate. Large Investment houses said that Bitcoins can be seen as an alternative to gold. JPMorgan said that “a crowding out of gold as an ‘alternative’ currency implies big upside for bitcoin over the long term.” Earlier this week, Bridgewater Associates founder Ray Dalio said Bitcoin is “one hell of an invention” and added that he is considering cryptocurrencies as investments for new funds offering clients protection against the debasement of fiat money. To further this cause, payment networks such as Paypal, MasterCard, and Visa also moved to set up systems that accept payments via cryptocurrencies.

Also, this week, the RBI had reiterated that it was exploring the need for a digital version of the fiat currency.

Posted by Technical Mechzone

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Government lists bill to ban Bitcoin in India, create official digital currency

Technical Mechzone

(An RBI booklet on payment systems issued on 25th Jan also showed that the central bank is exploring whether to issue a digital version of the rupee)

In the legislative order of business for the budget session of 17th Lok Sabha that commenced today, the Government has listed a bill providing for the banning of all private cryptocurrencies in India such as bitcoin, ether, ripple and others. The bill also provides for the creation of a legislative framework on an official digital currency.

An RBI booklet on payment systems issued on 25th Jan also showed that the central bank is exploring whether to issue a digital version of the rupee. “Private digital currencies have gained popularity in recent years,” the central bank booklet said. “In India, the regulators and governments have been sceptical about these currencies and are apprehensive about the associated risks.

Nevertheless, RBI is exploring the possibility as to whether there is a need for a digital version of fiat currency and, in case there is, how to operationalize it,” it noted. A previous RBI ban on the use of bank channels for payments associated with cryptocurrency issued in 2018 was overturned by the Supreme Court in March 2020 creating a vacuum in the regulation of cryptocurrency in India. Posted by Technical Mechzone

science

Dark matter not ‘super heavy’ or ‘super light’: In a first, scientists calculate its mass range

Technical Mechzone

(Quantum gravity, a combination of Einstein’s concepts of quantum physics and general relativity, was used in the research)

Around 95 percent of the Universe is unknown to human beings. It is often referred to as dark which has nothing to do with the colour of any substance but to do with the unknown nature of cosmic entities known as dark matter and dark energy.

Now, scientists from the University of Sussex have found a new way to know more about dark matter. They have narrowed down the range of masses within which particles that could make up dark matter may lie in. The range they have established — 10^-3 electron-volts to 10^7 electron-volts — is far smaller than the earlier known range of 10^-24 electron-volt to 10^19 giga electron-volt.

Xavier Calmet and his colleague Folkert Kuipers carried out the research using quantum gravity, a field of study that tries to combine two of Einstein’s concepts — quantum physics and general relativity theory of gravity. “This is the first time anyone has thought of using what we know about quantum gravity to calculate the mass range for dark matter.

We were surprised when we realised no one had done it before, as were the fellow scientists reviewing our paper,” Calmet told Science Alert. Calmet and Kuipers’ research shows that the dark matter particles can neither be super light nor super heavy unless there is a force acting on it that is yet unknown.

The research might also help in finding out more about this mysterious force. There are currently four known forces in the Universe — gravitational, electromagnetic, weak and strong. Scientists estimate that roughly 68 per cent of the Universe is made up of dark energy which is responsible for the accelerated expansion of the Universe.

Another 27 per cent is dark matter whose existence was inferred from the observation that ordinary matter in galaxies, including the Milky Way, is far less than that required by gravity to hold the galaxies together. Dark matter’s gravitational effects are also necessary to explain the motions of clusters of galaxies and the structure of the entire Universe at the largest scale.

On smaller scales, dark matter is too diffused to impact the motion of the Solar System, Earth or the origin and evolution of humans in any significant way. “The inhomogeneities at early times would have been smoothened out by radiations if there was only ordinary matter. There needs to be a form of matter that does not couple to the radiation in order for galaxies like the Milky Way to form,” says Abraham Loeb, chair of the department of astronomy at Harvard University and the founding director of Harvard’s Black Hole Initiative. “Secondly, when we look at galaxies, we infer that they must contain much more mass than the visible mass of their gas and stars.

This has been known for 70 years since Fritz Zwicky inferred that clusters of galaxies contain much more matter than their visible mass,” But the nature of that dark matter is still unclear. It is most likely made of particles that do not couple to light because of which humans cannot see them, according to Loeb.

He surmised that dark matter is unlikely to be made of primordial black holes because they would produce other effects that are ruled out observationally. The breakthrough in human understanding of dark matter could come from laboratory experiments. There were hopes that new particles will be produced and discovered at the Large Hadron Collider or other experiments but so far we have had no success.

There were also attempts to detect dark matter particles impinging on Earth from the Milky Way galaxy but again these “direct detection” experiments of the past few decades were not successful, While there is no comprehensive theory of quantum gravity, Calmet and Kuipers predicted that it would have a few characteristics of both quantum physics and general relativity. They further said that dark matter particles would have to obey these rules coming out of quantum gravity in the way they break down or interact.

Through this, they established limits on the masses for dark matter particles and ruled out masses that would not be possible as per current human understanding of the two theories. The restriction of mass range eliminates one of the popular candidates for dark matter particles known as Weakly Interacting Massive Particles (WIMP).

If these particles are eventually found out to be the dark matter by other means then it would bring in the influence of the mysterious new force on these WIMPs leading to new physics. Posted by Technical Mechzone

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MarketSensex tanks 938 points: Key factors behind the market crash

Technical Mechzone

Led by losses in index heavyweight Reliance Industries, private lenders and select IT stocks, benchmark indices extended their losses to the fourth day on Wednesday.
Weak global markets, a mixed set of Q3 earnings and selling by foreign institutional investors (FIIs) dented the domestic market mood in today’s session. Meanwhile, investors chose to book profits ahead of the Union Budget on Monday, February 1.
The BSE barometer Sensex plunged 938 points to 47,410 while its NSE counterpart Nifty slipped below the 14,000 mark to end at 13,968, down 271 points.

The broader market trend was mixed with Nifty Midcap 100 and Nifty 500 indices down 1.58 per cent and 1.68 per cent, respectively, while Nifty Smallcap index added 0.15 per cent.
The volatility also remained high ahead of the monthly F&O expiry on Thursday, with India VIX rising 4.93 per cent to 24.39 level.
Here are the top factors behind the market crash today.
Weak global cues

Asian equities slipped on Wednesday as investors looked to the Federal Reserve’s guidance on its monetary policy while futures for US tech shares jumped after strong earnings from Microsoft. European stocks are expected to slip a tad, with EuroStoxx 50 futures down 0.3 per cent and FTSE futures shedding 0.4 per cent.
Global stocks are mostly treading water near record highs as US corporate earnings roll in. Meanwhile, new coronavirus variants that sparked fresh lockdowns and other restrictions are weighing on the market mood.

Frustration over vaccine distribution is also increasing. In a Facebook post last week, Italian Prime Minister described delays in consignments by Pfizer Inc. and AstraZeneca Plc as “unacceptable” while the UK’s health minister warned that vaccines may be less effective against new variants of the coronavirus.
That apart, investors are also seeking more clarity on the timeline for President Joe Biden’s $1.9 trillion Covid-19 relief plan. “Delay in US paycheques and overall correction in global markets are driving indices lower. Liquidity is a critical factor right now and any fall in liquidity will lead to a sharp fall in markets,” said Abhimanyu Sofat, Head of Research at IIFL Securities.
Budget blues

The Union Budget, set to be unveiled on February 1, is a highly anticipated affair as it comes on the heels of a pandemic that has altered India’s economic landscape. Amid this backdrop, investors have booked profits and are waiting on the sidelines.
The government needs to raise resources to help increase spends, but analysts at Bernstein believe equity markets will consider any form of tax increases negative. Those at Credit Suisse, on the other hand, caution against the limited spending room the government has.
“While the government appears to be willing to spend now, as it believes the growth multiplier would be higher in an economy without Covid-19 restrictions, Rs 4.2 trillion of extra spending may be difficult to execute. It may choose to be conservative on GDP growth assumptions, and also target a lower deficit, which would imply 13 per cent total expenditure growth. In this scenario, spending on residual heads could be 40% higher than in FY20, but the absolute increase a more reasonable Rs 2.5 trillion,” wrote Neelkanth Mishra, managing director, co-head of Asia Pacific Strategy and India equity strategist at Credit Suisse in a recent report co-authored with Abhay Khaitan and Prateek Singh.

Q3 earnings
In the December quarter earnings season, the companies have posted a robust performance but this was mostly pencilled in by the market. However, a performance by Reliance Industries disappointed investors, leading to a massive fall in the company’s shares and subsequently the benchmark indices. Going ahead, analysts are concerned about lower margins. “We are lowering in expectations for forthcoming quarters on margin front as they are expected to peak out in the current quarter,” said Sofat.
Valuation concerns
The market is overvalued from the perspective of PE multiple and market-cap to GDP ratio. The overvaluation is more than 50 percentage points higher than the historical average. “Profit-booking is normal, particularly when valuations are high, like now,” said Vijay Kumar, adding that such profit-taking is healthy and desirable.


For the third consecutive session on Monday, Nifty50 formed a Long Bear Candle. “The three sessions consecutive decline was formed in the market after the time span of four months. Hence, this pattern could be in-line with the reversal formation in the market at the highs. The last swing high of 14,753 of January 21 could be a reversal high for the near-term,” said Nagaraj Shetti, Technical Research Analyst at HDFC Securities in a note on January 25. Nifty on the weekly chart, formed a Doji and high wave-type candlestick pattern back to back in the last two weeks, Jasani said, adding that this market action could be considered as a beginning of major profit booking in the market from the high.

Posted by Technical Mechzone

trading, Uncategorized

Bitcoin seen topping $50,000 as it vies with gold

Technical Mechzone

Bitcoin’s price could exceed $50,000 over the longer term as the digital asset vies with gold for investment flows, according to cryptocurrency exchange Luno and brokerage OSL. We’re talking about Bitcoin over the next three, five, 10 years slowly inching away at gold’s market capitalization,” Vijay Ayyar, head of Asia Pacific with crypto exchange Luno in Singapore, said in an online question and answer session with Bloomberg Tuesday. If that happens, “you are way over $50,000,” he said. Bitcoin quadrupled last year, eventually reaching an all-time high of almost $42,000 in early January before sliding back by about $10,000. The rally split opinion, with some commentators pointing to increased interest from long-term investors and others citing speculative buying. While Bitcoin has been popular for trading, “increasingly the new to market money that we are seeing is buying Bitcoin as a hedge to inflation and as digital gold,” said Matt Long, head of distribution and prime brokerage at digital-asset platform OSL in Hong Kong. Predicting a price for Bitcoin is challenging but it’s likely to rise longer term as funds and family offices assign 0.5% or 1% of their portfolios to it, Long added. Bitcoin, which has climbed 9% this year, was trading at about $31,500 as of 7 a.m. in London on Tuesday.

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Bitcoin gap is a potential hurdle to India’s growth

Technical Mechzone

By the time Indian companies and individuals get the regulatory certainty they need to start buying bitcoin in larger sums, will the price be so high that they will only be able to afford a fraction of what they could buy today? In 2020, a number of public companies such as Square and MicroStrategy made headlines for buying large amounts of bitcoin to hold as a reserve asset.

No Indian company has done so yet. As bitcoin ownership grows in the US, the European Union, Japan, South Korea and even China, many Indians are watching and wondering when their turn will come. By the time Indian companies and individuals get the regulatory certainty they need to start buying bitcoin in larger sums, will the price be so high that they will only be able to afford a fraction of what they could buy today? And who will Indians buy it from? How much bitcoin do Indians own?

According to current estimates, roughly 5 million Indians own or have owned bitcoin or other crypto assets.

By extrapolating from the volumes on ZebPay and our partners in the Indian crypto industry, we can estimate the maximum amount in Indian wallets. Our best guess is that Indians own less than 1% of the world’s bitcoin.

We can say for sure that Americans own much more than 1% of the global supply. The same is true for the EU, Japan and China. There will soon be long-term haves and have-nots in bitcoin. India has a chance to join the haves, but time may be running out .

The usual argument against crypto is that it could be used for money laundering or other illegal activity.

Blockchain analysis firm Chainalysis, a global leader and adviser to several governments, reported that illicit activity accounts for only 1% of all bitcoin transactions. As the US Department of Treasury has confirmed, the dollar is still by far the criminal’s favourite.

The risk of some illicit activity has to be weighed against the larger risk of being left out of what may well become a blockchain economy in the coming decades. Recently, the World Economic Forum and blockchain company Chainlink published a report on integrating traditional infrastructure with blockchain technology.

By integrating blockchain into the Pradhan Mantri Fasal Bima Yojana, India could provide crop insurance to millions of farmers with lower cost, better coordination, and greater transparency and accountability. This is just one example of the hundreds of crores of economic potential waiting to be unleashed if India can close the bitcoin gap and give its citizens access to blockchain and crypto with healthy regulation that ensures both safety and innovation. Can we have just blockchain without cryptocurrencies? Not really.

Crypto tokens are the units that allow the blockchain to function. By investing in a project’s crypto token, people power (often literally, by paying for the electricity) the innovation that the project is trying to achieve.

Across India today, hundreds of innovators are working on blockchain-based solutions to some of the nation’s most pressing problems. They could lower costs, reduce corruption, increase inclusion and create jobs. Nothing is more essentially Indian than innovation. By closing the bitcoin gap and creating healthy regulation that promotes innovation and protects citizens, India can gain a long-term economic advantage. Posted by Technical Mechzone

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Bitcoin alternative: How to buy Ethereum in India? Here’s why its price, m-cap are up 200% in 3 months

Technical Mechzone

Following Bitcoin and Ethereum, the other leading cryptocurrencies based on the market cap are Tether ($24.8 billion), Polkadot ($16.1 billion), XRP ($12.4 billion), Cardano ($11.2 billion), Chainlink ($9.7 billion), Litecoin ($9.3 billion), Bitcoin Cash ($8.2 billion), and Binance Coin ($6.4 billion).

Cryptocurrency king Bitcoin’s closest rival Ethereum has scaled up from $414 price with a market cap of $46.8 billion to $1,323 and $151.4 billion in market cap – a 219 per cent increase in price and 223 per cent jump in valuation in the past three months, according to the data from CoinMarketCap.

Despite being the biggest alternative to Bitcoin, Ethereum doesn’t even come close to bitcoin’s craze and market cap. However, it has managed to create significant buzz around investors. It has drawn the attention of blockchain stakeholders for its use beyond just processing crypto transactions. Ethereum has so far been used for enabling the deployment of smart contracts and decentralized apps to be created and operated without any fraud or interference from third parties, unlike Bitcoin.

The growing popularity, rising valuation, a growing number of exchanges offering Ethereum, and more have been among the reasons for investors flocking to it. Ethereum’s market cap has jumped over 200 per cent in the past three months.

Source: CoinMarketCap In order to buy Ethereum, one can register on one of the crypto exchanges such as BuyUCoin, CoinDCX, Unocoin, and more. Completing KYC and/or anti-money laundering norms are mandatory for Indian jurisdiction. Along with this, the Aadhaar-linked mobile number is also necessary.

One can further secure his/her Ethereum wallet with Google’s 2-step verification following which bank account details have to be added to begin trading Ethereum in India with INR currency. As a user, one can set his/her monthly or weekly, or even daily targets and decide the markets you would want to trade. Be certain of how much risk you are willing to take on every trade and based on it, figure out your risk-reward ratio.

Apart from INR, one can also buy Ethereum with credit and debit cards, UPI, or bank transfers, etc.Following Bitcoin and Ethereum, the other eight leading cryptocurrencies in the top-10 list based on the market cap are Tether ($24.8 billion), Polkadot ($16.1 billion), XRP ($12.4 billion), Cardano ($11.2 billion), Chainlink ($9.7 billion), Litecoin ($9.3 billion), Bitcoin Cash ($8.2 billion), and Binance Coin ($6.4 billion), as per CoinMarketCap. Bitcoin, at the time of filing this report, was trading at $32,305 with a jaw-dropping market cap of $606 billion. Posted by Technical Mechzone

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It Looks Like Wall Street Is Running Bitcoin, at Least for Now

Technical Mechzone

(Technical Mechzone) — A lot of investments have gone berserk lately, but none stand out quite like Bitcoin. Its price quadrupled in a matter of months to touch a record high of more than $41,900 in early January, propelling the cryptocurrency back into the limelight less than three years after a spectacular 75% crash. (It traded at around $36,400 on Jan. 19.) Posted by Technical Mechzone