• According to Nischal Shrike, India is experiencing a great deal of panic overnight.
• This was a result of the still-to-be issued Indian crypto bill.

Amid India’s current bill to ban all the existing private digital assets in the country, WazirX CEO Nischal Shetty has reacted that he has spotted an ongoing panic selling in crypto overnight.

This was in response to the effects of the soon-to be-issued bill to regulate crypto currency. It seems like the bill is having an immediate effect, primarily in India, even though it has just been introduced by the Indian authorities.

This bill, which made a 180-degree turn on the issue, will finally take effect in full to regulate all Indian private cryptos starting Nov 29. This is to let crypto enthusiasts know that the bill will not regulate cryptos worldwide, but only Indian cryptos.

As the name suggests, Shetty said that the country’s lawmakers are implementing the bill because they don’t want private cryptos to compete with the Indian rupee. He stated,

The premium Indian crypto markets traded at was 7-8% due to demand. However, current prices are at a 5 percent discount when compared with global peers

Shetty further stated that all major cryptos saw a drop in price overnight, from India, where it was between 10-15 percent and 20-30%. According to his analysis (BTC was down 9.88% while (ETH) declined by close to 7%. BTC, ETH and ETH have a downtrend of 11.73% to 10% in the market.

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