Cryptocurrency exchange, Koinex witnessed some of the lowest prices on its platform. There has been a marked subdued interest in cryptocurrencies, post the Supreme Court’s order where it upheld Reserve Bank of India’s (RBI) directive to stop banks from working with Indian cryptocurrency exchanges. However, the rate at which the price dropped, is quite unprecedented, given that the none of the other exchanges noted such low prices.
Crypto-News India, delved deeper to show the price trend over the last couple of days. The price of Bitcoin, for instance, was recorded at Rs 3,19,253. However the prices went up by Rs 3,29,527 which is a huge mark-up. On Monday, the price has bounced back slightly and the cryptocurrency is valued at Rs 4,10,000.
Why the numbers are a revelation because we checked the prices on exchanges such as Unocoin and Bitbns too- the other two exchanges that are more or less dealing with INR-Crypto corridor. For instance, during the same time period, prices of Bitcoin were Rs 4,59,999 and the lowest were Rs 4,35,551. The prices of Ether were Rs 32,888 at its highest and Rs 30,000 at its lowest. The Litecoin price on the exchange was: Rs 5744 at its highest and Rs 5319 at its lowest.
We had a couple of theories about the reason why the prices went down:
Due to listing of the token Augur the accounts have been frozen for a significant length of time
Over the weekend, Koinex announced that it would be stopping INR withdrawals in its entirety, the second exchange, after Zebpay to do so.
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