The rumored ban comes months after the country’s Supreme Court overturned controversial restrictions that prohibited banks from dealing with exchanges. Those measures left many trading platforms unable to operate, with some closing their doors for good.
At $11,770, BTC/USD had all but erased the effects of its precipitous fall last weekend, during which it fell from above $12,000 to $10,870 in a matter of minutes. Further upside, analysts predict, may be harder to sustain.
Bitcoin has seen its share of the cryptocurrency market fall by almost 5% in just two weeks as the altcoin boom continues. According to data from CoinMarketCap, as of August 5, the largest cryptocurrency had a market cap share of 60.5%—its lowest since June 2019.
Bitcoin is still firmly in bullish territory despite its “huge drop” of more than $1,200 this weekend, one of the industry’s best-known traders says. In the latest edition of his Trading Bitcoin livestream, Tone Vays said that there was no need to worry after BTC/USD crashed from more than $12,000 to less than $10,900 in 20 minutes.
