- Bitcoin steady and stable above USD 9,000
- The Reserve Bank of India is going to challenge the Supreme Court’s decision to overturn a crypto trading ban
- ETH whales are accumulating, with wallets now accounting for almost 25% of total ETH in circulation
Bitcoin is showing signs of underlying market strength on this Friday, as it refuses to budge from USD 9,000 and is trading in rather stable ranges, with a daily low of USD 9,004 and a daily high so far of USD 9,191 (CoinDesk).
This signals a sure return to bullish sentiment for the short term, while traditional markets are now sliding, as gold witnesses increasing demand and government bonds see yields taper off. Stock markets across Europe and Asia, and even in the US, have all taken a battering losing at least 1%,
People will probably still be on a high from yesterday’s news that the Supreme Court in India smashed a two-year-old ruling from the country’s central bank, paving the way for unfettered crypto use in the world’s second-most populous nation. The move had been ruled as unconstitutional, and people will be celebrating the decision for weeks. But today, it appears that the Reserve Bank of India (RBI) isn’t going to give up without a fight.
According to Indian finance magazine The Economic Times, RBI is planning to come back to the Supreme Court to battle the ruling, plans to return to the Supreme Court to fight the Wednesday ruling that overturned its ban.
Apparently, a new review petition is in the line for filing in the Supreme Court against the quashing of its April 2018 bank circular that had placed crypto-related customer accounts in a state of limbo for the next two years. RBI, according to sources close to the matter, believes that the court’s decision could now open the floodgates for virtual currency trading, putting the country’s banking system at risk.
The ruling insists that the bank had failed to be balanced when issuing the order, and that was good enough for many India-based crypto exchanges, some who have announced that they will now reinstate bank account deposits and withdrawals. Local analysts now believe a surge of interest will resume, where it has been driven underground for the last two years since the RBI ban. CoinSwitch CEO Ashish Singhal told Coindesk:
“This is the first step towards embracing cryptocurrency in India, which has the potential of becoming one of the largest crypto markets.”
Sidharth Sogani, founder and CEO of Crebaco Global Inc, rang in the changes positively, saying:
“In a way, the verdict upholds the legality of cryptocurrencies and decriminalizes the investors who have already invested in various crypto assets like bitcoin, ether, and various others. Cryptocurrency exchanges in India can now legally operate for fiat-tocrypto trading pairs as well, in addition to crypto-to-crypto pairs. It remains to be seen how soon the banks will start supporting the exchanges.”
Meanwhile, Ethereum is making waves now with some of the biggest ETH holders apparently fattening up their wallets even more. With prices now down from a year high above USD 290, it appears that ETH whales are taking the opportunity to pad their already huge holdings.
According to data analysts Santiment, whales in the top 100 ETH wallets now control almost 25% of the entire ETH supply. They say that this means the sentiment of the big holders is clearly that the altcoin is undervalued and see a good bet for the medium to long term play. Santiment does warn that accumulation does not in any way guarantee parabolas in the short term. It explained:
@ Sometimes these price rises take a bit of time after these accumulation rises.”
It should be pointed out, of course, that like Bitcoin, many of the biggest wallets in the space actually belong to crypto exchanges. As such, these whales actually hold ETH on behalf of hundreds, if not thousands of smaller individual account balances.
TokenAnalyst data suggests that Huobi, Binance, Bitfinex, Poloniex, Okex, Gemini, Kucoin, Bitstamp, Kraken, and Bittrex together hold some 18.5 million ETH combined, which is almost 17% of total circulating ETH supply.
With ETH 2.0 coming up, many expect Ethereum fortunes to turn the corner.
Image Courtesy: Pixabay