C
Chris Smith
Guest
Bitcoin topped $61,700 on Saturday, in what was to become the new all-time high for the most popular cryptocurrency in the world. The digital coin has surged so far in 2021, fueled by an influx of cash from institutions and retail investors. Tesla is one of the companies that bet big on bitcoin, announcing a few weeks ago a massive purchase of coins. But bitcoin isn’t the only cryptocurrency out there that’s been trending up for most of late 2020 and 2021. Plenty of blockchain projects with real-world use exist, and most of them have digital tokens attached that can be minted and traded. As long as bitcoin is going up, the altcoins will follow — but the opposite is also true.
The popular crypto dropped below $55,000 in early trading on Monday, which appears to be a market correction similar to what’s been seen in previous cycles. But what’s different from other recent corrections is the news cycle that might spell some trouble ahead for traders. India, a country that’s been toying with regulating the cryptocurrency market, is looking at stricter laws that would make it illegal for a person to own any digital coins, be it bitcoin or anything else.
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Owning bitcoin in India might soon be illegal originally appeared on BGR.com on Mon, 15 Mar 2021 at 17:43:10 EDT. Please see our terms for use of feeds.
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