Bitcoin price in India rises to $10,675.30; check out how other cryptocurrencies trended today
Bitcoin price in India: There are about 15 cryptocurrency exchanges that have started allowing trading in digital currencies. See how their prices moved today.
Bitcoin price in India: As the performance of cryptocurrencies have been quite volatile, Bitcoin trading was restricted in the range of $10,000 to $11,000 in the past 24 hours.
According to CoinDesk's Bitcoin Price Index (BPI), this virtual currency moved above $10,000 mark on Monday, but the rally from last Sunday's low of $9,304.68 ceased at a seven-day high of $11,044.16 yesterday. At the time of writing, the BPI is at $11,583.
CoinMarketCap further revealed that the cryptocurrency has depreciated by 1.4 percent in the last 24 hours. The top five cryptocurrencies include Bitcoin, Ethereum, Ripple, Bitcoin Cash and Litecoin.
In India, there are about 15 cryptocurrency exchanges that have started allowing trading in the above mentioned digital currencies. These exchanges are offering 'Buy' and 'Sell' call on these coins.
Since the valuation of cryptocurrencies is best determined in USD, one needs to convert them into Indian rupee to know their appropriate valuation.
Data of CoinMarketCap showed that at around 1543 hours, Bitcoin was trading at $10,675.30 up by 1.54%, while Ethereum was trading at $870.44 gradually higher by 0.76% and Ripple also sequentially rose by 0.95% trading at $0.915092.
Meanwhile, Bitcoin Cash and Litecoin were trading at $1,242.75 and $207.61 on the exchange, surging by 1.49% and 1.50% respectively.
In Indian rupees, one Bitcoin is priced at Rs 6,96,136.31, while Ethereum at Rs 56,761.39, Ripple at Rs 59.67, Bitcoin Cash at Rs 81,039.73 and Litecoin at Rs 13,534.10.
Trading in cryptocurrencies in India will become difficult in coming days, as banks have started banning purchase of cryptocurrency with their cards.
Citibank recently circulated an email, guiding customers that it's credit and debit cannot be used for purchasing cryptocurrencies, followed by the largest lender State Bank of India (SBI).
SBI is also in discussion with card-maker like Visa and Mastercard to ban transactions in cryptocurrencies with the bank's card, said an Economic Times report.
SBI has over 5 million customers using it's card and is considered the second largest card issuer in India.
Blocking of card for transacting in cryptocurrencies in India has been adapted by the global-banks like Citigroup and others like Bank of America and JP Morgan Chase who have blocked cryptocurrency purchases via credit cards as they are not willing to take the credit risk associated with it.
Apart from this, two cryptocurrency exchanges, BTCXIndia and ETHEXIndia, have said that they will halt trading on March 5. These two exchanges have asked members to withdraw their money before March 4, 2018.
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