RATE Group | Amid Volatile Stock Market, SC’s Cryptocurrency Ruling May Bring New Investment Avenue
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Amid Volatile Stock Market, SC’s Cryptocurrency Ruling May Bring New Investment Avenue

05 Mar Amid Volatile Stock Market, SC’s Cryptocurrency Ruling May Bring New Investment Avenue

Posted at 15:55h in Cryptocurrency News by

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With the Supreme Court of India ruling to overturn the Reserve Bank of India’s directive against cryptocurrencies, stakeholders of the cryptocurrency sector in India have largely shown optimism towards embracing a new investment avenue. Startups and exchanges, which have been under lockdown and stuck in a legal battle against the RBI’s directive, are back in business, and this by itself makes for a positive impact under gloomy economic conditions. It is this that might just be the biggest win for India from the SC verdict — a new investment avenue away from the ongoing stock market volatility.

Growth potential

The swing of fortune in the Indian cryptocurrency sector is being reflected in cryptocurrency prices as well. On Monday, March 2 at 6PM IST, the price of one bitcoin was Rs 6,35,351.96. Today, at 6PM IST on March 5, the price of bitcoin had risen to Rs 6,69,550.03 — a 5.4 percent increase within a span of four days. While not being conclusive, this offers an…

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