Bitcoin, Ethereum Surge After India Walks Back Private Crypto Ban

While the rest of the market turmoils on renewed Omicron variant anxiety, cryptos are bucking the trend, accelerating higher as tech stocks are sold.

The catalyst for the decoupling is unclear but headlines from India overnight coincided with a renewed bid across the crypto space as CoinTelegraph reports that former finance secretary of India Subhash Garg clarified that “it is misleading to say that private cryptocurrencies will be banned.”

The creator of India’s crypto bill, former Finance Secretary Subhash Garg, dismissed the notion of banning “private cryptocurrencies” as a misinterpretation while highlighting the enormous potential of cryptocurrencies and blockchain technology.

The parliamentary discussions around a controversial crypto bill sparked fears around the ban on cryptocurrencies, with no clear indication about the ban’s scope. As Cointelegraph reported, an episode of panic selling among Indian investors followed the announcement. In an interview with local news channel News 18, Garg clarified:

“[The description of the crypto bill] was perhaps a mistake. It is misleading to say that private cryptocurrencies will be banned and to intimate the government about the same.”

He believes that the Indian government should formulate a bill after discussing it with stakeholders and crypto investors. 

This sent Bitcoin back above $58,000…

And Ethereum outperformed significantly, back above $4600 at two-week highs…

Ethereum remains positively supported by forward inflation expectations, which have come back down to earth in recent days…

Additionally, we note that it is also month-end, and as pseudonymous Twitter analyst “Rekt Capital,” suggested, November’s price action for BTC is a retest of the newly established support zone near $58,750.

And longer-term analogs still hold…

Update on the 3 #BTC models I am currently tracking:

1⃣ 2017 #BTC anchored & aligned from 1.272
Late Dec – $150K

2⃣ 2017 #BTC anchored & aligned from 1.618
Early Feb – $200K

3⃣ 1970s Gold
Early Feb – $250K+

December will be revealing and indicators will be key. pic.twitter.com/1HEXlL5yus

— TechDev (@TechDev_52) November 29, 2021

The overall cryptocurrency market capitalization now stands at $2.609 trillion, and Bitcoin’s dominance rate is 42.1%.