Large Indian Bank Clamping Down on Cryptocurrencies

One of the largest banks in India is asking its users to consent that they won’t be using their accounts to trade Bitcoin or other cryptocurrencies.

One of the largest banks in India is asking its users to consent that they won’t be using their accounts to trade Bitcoin or other cryptocurrencies. The bank also asks for authorization to immediately shut down an account if it’s associated with digital currencies.

Things Are Not Looking Good in India

On April 6th, the Reserve Bank of India (RBI) ordered all regulated financial institutions to refrain from working with cryptocurrency-related businesses of any kind.

The move was met with a swift response from the industry which challenged the order. However, a few months later, on July 3, the Supreme Court of India upheld the ban, delivering a heavy blow to the entire field.

It wasn’t long before this took its toll on the industry. In October, India’s very first Bitcoin ATM was shut down and both of the founders of the company which operated it were arrested.

In December, Live Bitcoin News reported that the country is allegedly planning to end its statewide cryptocurrency ban. Purportedly, the Government has created an interdisciplinary committee which is figuring out ways to legalize and regulate the cryptocurrency industry instead of banning it straight away.

However, a month later, one of the country’s biggest banks has also gone against crypto.

HDFC Jumps on the Anti-Crypto Bandwagon

A Twitter user CryptoIndia YT (@Cryptoindia) shared that HDFC has requested users to confirm that they won’t use their bank accounts for trading Bitcoin or any other cryptocurrency.

After Kotak and few other Indian Banks.

Hdfc asking customers to visit bank branch and sign this consent letter regarding trading with crypto currencies/

— CryptoIndia YT (@CryptooIndia) January 21, 2019

Additionally, the bank has also requested its clients to “authorize the bank to close the above account without any further notice if it is observed in future that transactions have been carried out for Bitcoin/virtual currencies.”

HDFC is currently the third largest bank in India and it has around 89,000 employees throughout its branches.

What do you think of HDFC going against cryptocurrencies? Don’t hesitate to let us know in the comments below!

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The financial revolution will be decentralized

Decentralized, open cryptocurrencies such as Bitcoin and Monero introduce possibilities that others are yet to conceive. Despite the liberating choice, …

Decentralized, open cryptocurrencies such as Bitcoin and Monero introduce possibilities that others are yet to conceive. Despite the liberating choice, freedom and power that such cryptocurrencies give individuals, the bigger picture for regulators and capitalist-minded people is the underlying technology, aka blockchain. As mentioned in a report published by the Swiss Federal Council in regards to blockchain regulation:

“While cryptocurrencies such as Bitcoin… often attract the most public attention in connection with blockchain/DLT, this report is primarily interested in the underlying technology, which is also the most relevant for future developments.”

Perhaps it is hard for people who have had control of the money supply to suddenly accept that there is a system which can essentially render their monopoly obsolete. Economists and powerful public figures have tried their best to stop this from happening. JP Morgan CEO, Jamie Dimon, made the following comment back in 2015 when asked about Bitcoin and cryptocurrencies:

“This is my personal opinion, there will be no real, non-controlled currency in the world… There will be no currency that gets around government controls. The technology will be used. It may be used to transport currency, but it will be US dollars.” Jamie Dimon, Fortune Global Forum, 2015

Interestingly, while some governments have attempted to obstruct the path of decentralized cryptocurrencies, conveying the idea that it is unsafe, a number of countries and now even Facebook are busy developing their own centralized alternatives.

To give clarity, public decentralized cryptocurrencies are systems that empower the individual – putting an end to the monopoly on money creation. If the events after 2008 were not enough to show that centralized money creation is a dangerous idea, then perhaps the next financial crisis will. As commented by the renowned Bitcoin advocate Andreas Antonopoulos in an interview with Bitcoin Magazine:

“I think that, fundamentally, nationally issued cryptocurrencies are business-as-usual. They don’t change the fundamental problem. The fundamental problem is centralized control and no government is going to issue a cryptocurrency that is not centralized. So they are just moving around the deck chairs.”

The dark side of convenience

Decentralized cryptocurrencies were a powerful step forward in empowering individuals to break free from existing financial systems, which offer little transparency, accountability or choice. A paradoxical system that is powered by debt – reaching new heights every year – while at the same time devaluing individual’s purchasing power through inflation.

Though like any system, decentralized cryptocurrencies are not perfect. Bitcoin, for example, can be – if used incorrectly – used to monitor financial activities on a level never before seen.

The same publicly accessible transaction history (ledger) which provides many benefits from a transparency perspective can also be used to track transactions, locations, amounts and the forwarding address history. This was made possible through the introduction of centralized exchanges and custodial wallets – such as Coinbase and Bitfinex- that are linked to a person’s identity due to know-your-customer (KYC) and anti-money-laundering (AML) laws.

Unfortunately, many people do not seem to care for the greater good. Due to convenience and lack of knowledge, people end up using and supporting these compromised third party, centralized operators. On the positive side, due to the same centralized service providers being hacked, people are starting to understand that placing a decentralized cryptocurrency on a centralized exchange is in some ways like placing solar panels in a power station instead of your own roof – it defeats the entire point.

To ensure the benefits provided by decentralized cryptocurrencies are not tainted or lost, we need to focus on services or tools that respect the innate decentralized, open principles (see an article discussing the benefits of owning your private keys).

Decentralized wallets and exchanges

There are a few options when it comes to decentralized exchanges and non-custodial wallets. Bisq is a great example of an open-source, decentralized exchange as it allows people to buy, sell, exchange cryptocurrencies and fiat in a peer-to-peer (P2P) manner. As mentioned on their website:

“Satoshi Nakamoto created Bitcoin with the motivation to solve the problems of centralized payment systems so it seems inconsistent that centralized Bitcoin exchanges are still the primary way to acquire bitcoins. In our opinion the dominance and vulnerability of centralized exchanges is the Achilles heel in the current Bitcoin ecosystem.”

The Bisq platform stores all your information locally. You can connect with other members and trade directly without having to go through an intermediary. Their core principles outline the importance of such decentralized tools.

“We have developed a solution which is based on pure P2P infrastructure. While the transfer of national currency requires the involvement of traditional payment channels like banks or payment processors, we are not dependent on any particular one. Their role is limited to what it should be: They transfer national currency. No power of censoring, confiscating, monitoring or controlling your financial interaction.”

Another solution has been provided by the Abra wallet. While the wallet is not open-source, it does allow you to hold onto your private keys. People can use their wallet to purchase over 30 cryptocurrencies. However, it is important to note that the only ones you truly own are Bitcoin, Litecoin and Bitcoin Cash. The rest are hedged against Bitcoin and only beneficial from an investment perspective.

Abra offers people in the U.S. and the Philippines the ability to link a bank account in order to make deposits and withdraws. The same goes for Europe, except withdrawals are yet added. For everyone else, they can simply use a Visa or Mastercard (debit or credit card) to make deposits. The downside is that users will need to submit identity verification information before getting access to the bank account or credit card funding options. The wallet also supports deposits and withdraws in the form of Bitcoin, Litecoin and Bitcoin Cash.

This is an important aspect which makes it easier for the average person to join the crypto-sphere.

What can we learn?

The power of decentralized cryptocurrencies comes when they are used the same way they are designed. Any change to a decentralized digital currency’s environment will ultimately damage its progress. Just like a plant requires the correct minerals, sunlight and care, decentralized cryptocurrencies too need the right environment to thrive.

So far most of the damage caused to cryptocurrencies has been inflicted by third-party operators, human errors – the same issues which Bitcoin and other cryptocurrencies were supposed to remove. Until recently, choices for the average user lacking the knowledge to easily take part was limited. Hopefully with the introduction of easy to use decentralized systems and an increase in available options, people will start to move away from centralized solutions and use cryptocurrencies as they were intended.

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Bitcoin Cash SV (BCHSV) Price Up 39.5% Over Last Week

Bitcoin Cash SV (CURRENCY:BCHSV) traded 70.9% higher against the US dollar during the 1 day period ending at 11:00 AM E.T. on January 21st.

Bitcoin Cash SV (CURRENCY:BCHSV) traded 70.9% higher against the US dollar during the 1 day period ending at 11:00 AM E.T. on January 21st. During the last week, Bitcoin Cash SV has traded up 39.5% against the US dollar. Bitcoin Cash SV has a total market cap of $0.00 and $630.20 million worth of Bitcoin Cash SV was traded on exchanges in the last 24 hours. One Bitcoin Cash SV coin can currently be purchased for approximately $118.46 or 0.02991990 BTC on popular cryptocurrency exchanges including Bitbns, SouthXchange, Altcoin Trader and CoinZest.

Here is how similar cryptocurrencies have performed during the last 24 hours:

  • Mixin (XIN) traded 0.5% higher against the dollar and now trades at $99.35 or 0.02782291 BTC.
  • Fusion (FSN) traded up 1.4% against the dollar and now trades at $0.35 or 0.00009727 BTC.
  • Litecoin Cash (LCC) traded 2.9% higher against the dollar and now trades at $0.0087 or 0.00000245 BTC.
  • Bitcoin Atom (BCA) traded up 24.7% against the dollar and now trades at $0.22 or 0.00006025 BTC.
  • Sakura Bloom (SKB) traded 3.3% lower against the dollar and now trades at $0.0014 or 0.00000039 BTC.
  • Distributed Credit Chain (DCC) traded down 11.2% against the dollar and now trades at $0.0011 or 0.00000031 BTC.
  • Bean Cash (BITB) traded 5% higher against the dollar and now trades at $0.0010 or 0.00000027 BTC.
  • XinFin Network (XDCE) traded 3.7% higher against the dollar and now trades at $0.0006 or 0.00000017 BTC.
  • DAO.Casino (BET) traded down 16.1% against the dollar and now trades at $0.0107 or 0.00000300 BTC.
  • Measurable Data Token (MDT) traded 1.5% lower against the dollar and now trades at $0.0039 or 0.00000109 BTC.

About Bitcoin Cash SV

Bitcoin Cash SV is a coin. It was first traded on November 15th, 2018. Bitcoin Cash SV’s total supply is 21,000,000 coins. The official website for Bitcoin Cash SV is Bitcoin Cash SV’s official Twitter account is @nChainGlobal.

Buying and Selling Bitcoin Cash SV

Bitcoin Cash SV can be traded on these cryptocurrency exchanges: Bitbns, Korbit, CoinEx, DragonEX, OTCBTC, Coinsuper, Bithumb, BigONE, Huobi, Trade Satoshi, Kraken, Koinex,, HitBTC, FCoin, Bibox, Binance, Coinbit, WazirX, CoinBene, Kucoin, BX Thailand, OKEx, Cobinhood, Coinsquare, ZB.COM, CoinZest, Bitfinex, SouthXchange, Indodax, Hotbit, YoBit, MBAex, Bittrex, Bit-Z, Altcoin Trader, Bitkub, Poloniex, IDAX, Upbit and Bitrue. It is usually not possible to purchase alternative cryptocurrencies such as Bitcoin Cash SV directly using US dollars. Investors seeking to trade Bitcoin Cash SV should first purchase Ethereum or Bitcoin using an exchange that deals in US dollars such as Changelly, GDAX or Gemini. Investors can then use their newly-acquired Ethereum or Bitcoin to purchase Bitcoin Cash SV using one of the exchanges listed above.

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Bitcoin Price Analysis: BTC Wild Cards, $3500 Last Frontier

That environmentalists are always on Bitcoin case is appalling. Why not ambush traditional banking set ups whose carbon footprints are on par oil …

Latest Bitcoin News

That environmentalists are always on Bitcoin case is appalling. Why not ambush traditional banking set ups whose carbon footprints are on par oil sector players? The more they critic the network–even going to lengths of comparing facilitators as miners as environmental enemies, the more we have reasons to believe that their green energy campaign is not only sponsored but to some extent too over-simplistic.

Energy use is not a problem, it is a feature. Not only is it what makes Bitcoin work, it can possibly help with green energy adoption. Bitcoin mining can make otherwise unprofitable energy production methods, profitable!

— bitcoinpasada⚡ (@bitcoinpasada) January 14, 2019

Read: If Bitcoin (BTC) Breaks 3700 USD, It Could Boost the Crypto Markets, CryptoSync Analyst Says

True, chipsets powering and security the network are power hungry but at the same time, miners are nomads and mostly after profits. The cost of power is never cheap and varies from jurisdiction to jurisdiction. In their bid to remain profitable–even as prices plummet, some—and this is the trend—set up rigs powered by renewable energy.

Today, 77% of the energy use on the #bitcoin network is coming from renewable energy sources. Whereas before, it was nearly all coming from non-renewable energy sources.

— Boomerang Capital Inc (@BoomerCapital) January 16, 2019

Meanwhile, cryptocurrency use is on the rise and a metric that better measures this increase other than price is the number of active Bitcoin ATMs. Yes, we may have Apple Pay, Google and Samsung, but we cannot discount the impact of Bitcoin.

Also Read: Bitcoin (BTC) ATMs Boom Amid Crypto Rout

According to, there are 4,000 Bitcoin ATMs around the world with most in operation in Europe and the US. Others are found in Japan. More than 2,000 are found in the US and one advantage Bitcoin has over traditional banking set up is that users can buy any BTCs at any time. Then again, there are some which dispense cash meaning the unbanked can receive cash from anywhere in the world without going through the hassle of opening a checking account.

Bitcoin (BTC/USD) Price Analysis


Generally, the market is optimistic and after 80 percent plus losses in 2018, chances are prices will bounce back to $6,000 levels before bear pressure resume. It is for this reason why despite BTC prices closing against the USD by close of last week, we still hold a bullish outlook. At spot rates, BTC is down four percent in the day as sellers aim to reverse Jan 14 and 19 gains.


Trend and Candlestick Arrangement: short term bullish, Breakout

In the short-term, buyers have a chance. It’s easy to see why. Our position is rooted on the double bar bull reversal pattern of Dec 16-17. The pattern was confirmed and with clear resistance at $4,500, the correction completes a bull flag with possible support between $3,500 and $3,700 or the 38.2 percent and the 78.6 percent Fibonacci retracement levels. Already yesterday’s losses did pierce through the first support at $3,700. BTC may break if there are further drawdowns below $3,500.

Volumes: Low, Bearish

A stand out in our analysis is Jan 10 double bar bear reversal pattern and dark cloud cover pattern. Behind Jan 10 losses were high volumes—35k—right off $4,500 main resistance which is also our buy trigger. Current averages stand at 14k—less than Dec 17 of 35k. It’s straight forward, if bulls are to reinvent themselves, then volumes must surge above 35k hinting of underlying demand. Before then, it is likely that prices will snap back to consolidation.

All charts courtesy of Trading View—BitFinex

This is not investment advice. Do your research.

Bitcoin Price Analysis Jan.21: The Bears Are Still Here. Will The Crucial $3500 Hold?

Bitcoin went back to its weekly low and in just under 120 minutes returned all the past week’s gains. As been said before – A Bull Walks Up to the …

Yesterday, when most of the press was glad, celebrating that huge BTC candle that reached a daily high of $3772, we had some other insights:

“To all the bulls, it’s too early to celebrate: The volume was pretty weak, and since the sudden unexpected positive move, Bitcoin is slowly losing momentum and currently trading below the important daily chart’s 50 days moving average line (marked in white). The daily candle structure left a long wick at its top; this is not how a breakout looks.”

Unfortunately, we were right this time. That was a complete false breakout, and all the signs, including the decreasing amount of trading volume while BTC raises, were pointing on one outcome: Bitcoin lost more than $200 in less than two hours.

Bitcoin went back to its weekly low and in just under 120 minutes returned all the past week’s gains. As been said before – A Bull Walks Up to the Steps; a Bear Jumps Out the Window.

During the past week, we’ve talked about the no-volume BTC market which has marked its range between $3500 to $3700. We’ve said that the higher chances are to break down from that range, rather than to break up. Unfortunate to the bulls, we’re getting very close to that point.

Looking at the 1-day & 4-hour charts

  • The significant support levels: $3700 (along with the daily chart’s MA-50) and $3600 are gone, as of now. BTC is now facing the critical $3480 – $3500 support area. Below this crucial level, lies the $3400 (weak support) and $3300 support level. This is before retesting the 2018 low at $3120.
  • However, the 4-hour Stochastic RSI had just crossed over around the oversold area. This might lead to a slight correction, maybe to retest prior support that was broken. Possible correction levels could be the $3600, along with the 4-hour chart’s 50 days moving average line. Above is the resistance turned support level of $3700, which includes the daily chart’s MA-50 (marked in white on the daily).
  • This can get very ugly, following the 1-day chart Stochastic RSI oscillator crossing over to the downside. The daily chart’s RSI is currently testing a critical descending line as support. Breaking down here could introduce Bitcoin its new lower targets that were mentioned above.
  • As said yesterday, Saturday’s gains were followed by a low amount of volume. However, yesterday’s trading volume was a lot higher, which teaches us, that the sellers are still here with their hands on.
  • BitFinex’s open short positions hadn’t changed much, a slight decrease to 23.0K BTC of open positions.

BTC/USD BitStamp 1-Hour chart

BTC/USD BitStamp 1-Day chart

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Cryptocurrency charts by TradingView. Technical analysis tools by Coinigy.

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About the Author

Yuval Gov

Yuval Gov has over 15 years of trading experience in the stock exchange, graduated from TAU – Economics and Management. Breathing and doing Crypto projects since 2013. Does Crossfit to get away from FOMO. Contact Yuval: LinkedIn

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