Home Breaking news: Crypto panic strikes again as India’s banks are about to stop dealing with cryptocurrency related companies

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Breaking news: Crypto panic strikes again as India’s banks are about to stop dealing with cryptocurrency related companies

FX Street

Updated: 22 Jun. 2018 | 09:37

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.

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