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Bitcoin is currently going down to $ 60,000. It went right after news emerged that Indian authorities are planning to start a tough fight against cryptocurrencies.
But despite that, the country's oldest cryptocurrency exchange is open to new clients. Apparently, there has been strong growth in recent years amid increasing interest from investors. In fact, according to ZebPay, a platform serving about 4 million customers, monthly turnover could reach $ 2 billion.
All in all, India is one of the most promising markets with regards to cryptocurrencies.
To put it more precisely, although India owns less than 1% of the world's cryptocurrencies, its potential investor base is approximately 100 million and could grow even more. However, the outlook is becoming unstable because allegedly, authorities are planning to impose a ban on cryptocurrencies and mining. Of course, the Indian government denied these claims, but it still did not reassure investors. Obviously, they are waiting for clear legal documents to prove that all these rumors are false.
That said, investors are hoping that authorities do not prohibit the use of cryptocurrencies, given the investment potential it carries. In fact, according to ZebPay, trading volume could reach $ 25 billion this year.
Morgan Stanley is also reported to have plans to offer clients access to three Bitcoin funds. Two of which are from Galaxy Digital, while the other is controlled by both FS Investments and NYDIG. And although this has not been publicly announced yet, demand from investors have already skyrocketed. But only wealthy and risk-averse clients will have access to these funds, since the minimum entry is $ 2 million.
As for Wall Street banks, they remain on the sidelines even amid the sharp increase of demand for cryptocurrencies. Wall Street giants already have the ability to provide access to Bitcoin and Ether futures, but so far none of the six largest US banks have decided to provide such access to their clients.
On a different note, Grayscale Investments is reported to be launching 5 new cryptocurrency investment funds. These are: Chainlink's link token, Brave Browser's token and MANA, and the money for virtual world Decentraland. Such news dealt a positive impact on the cryptocurrency market.
That being said, the key level for Bitcoin today is 59,200, and a break above it will provoke a larger jump towards 60,000, 62,000 and 65,000. But if the quote returns below 54,400, BTC/USD will collapse to 49,600 and 44,900.
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