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India’s largest exchange Zebpay announced that in accordance with  Reserve Bank of India directive issued on April 5, banks are about to stop dealing with virtual currencies and terminate the accounts of the crypto related companies. This will cut off the exchanges from banking services. Panic caused a flash crash on Indian cryptocurrency trading platforms and triggered massive sell-off.

BTC/USD is trading below $6,500, losing over 3% in a single hour. ETH/USD is down 5% at $500 handle with downside momentum gaining traction.