Bitcoin and RBI: Is It A Case Of Murphy’s Law For BTC Supporters?

Dalmas Ngetich

1 year ago

2 mins read

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Bitcoin drop 7.4 percent
Reserve Bank of India could get a boost with the latest draft bill proposing more stringent measures against crypto investors and developers.

Yesterday’s FUD that India’s legislators are proposing a ban of cryptocurrency mining, trading or holding did expose RBI’s underbelly. Such punitive steps often trigger rebellion in a Streisand effect, popularizing Bitcoin and cryptocurrencies. All in all, BTC is down 7.4 percent from last week’s close.

Bitcoin Price Analysis

Fundamentals

The prospect of another “private currency” surpassing government issued fiat is a nightmare for central banks. Tasked with oversight and general monetary policy, central banks play a crucial role in the global economy.

The US Federal Reserve, the Bank of England, the Bank of Japan, as well as the ECB wield so much power that the financial path they chose is consequential. Other than that, the SEC and the IRS are relaxing their stance, perhaps sensing that the crypto and blockchain wave is here to stay. Therefore, barring or banning specific coins or the underlying technology is not only allowing for weakness but do block future revenue taps.

Well, the Reserve Bank of India (RBI) is keen on expunging cryptocurrencies before they take root. At least that is what was reported yesterday before the RBI clarified that they had no intention of banning cryptocurrencies.

According to sources in India, any form of crypto mining, holding or trading of coins will draw a 10-year jail term without bail if a new bill becomes law. The draft bill, Banning of Cryptocurrency and Regulation of Official Digital Currency Bill 2019, is outright punitive and controversial.

Candlestick Arrangements

At the time of writing, Bitcoin (BTC) is changing hands at $7,940 and sliding 7.4 percent week-to-date. Even though traders are optimistic because of slowing bear momentum, there are hints of weakness in the daily chart. Notice that prices are consolidating inside May 30th trade range.

Furthermore, differentiating itself from others, the bar has high trading volumes. Nonetheless, before conservative traders open their positions, the best trade plan is to adopt a neutral stand. That is until after prices either drop below $7,500, the lower limit of the $1,000 range from where BTC is trading against the USD or soar above $8,500 in a trend continuation phase.

Odds of the later printing out remain high because of exemplary price action in April and May effectively erasing losses of Q4 2018.

Technical Indicators

As a result, May 30th candlestick is leading this trade plan. In case of volatility, the breakout above $8,500 or liquidation below $7,500 ought to be with at the back of high participation exceeding 37k of May 30th.

Chart courtesy of Trading View. Image Courtesy of Shutterstock

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.