Bitcoin correction, India Ponders Crypto Ban and VeChain (Up 22%) continues climb

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Last Updated on 15 March 2021 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / jeroen@cryptotips.eu
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Bitcoin is trading 7% lower from its all-time-high of $61,950 set over the weekend, and is now changing hands for $56,300, but is still up 12% in the past week. It will be interesting to see how institutional investors react to yet another milestone achievement for the most famous cryptocurrency when stock markets open.

The broader altcoin market saw a profit taking in the past few hours with all the main brands seeing drops over 5%. The weekly loss of Cardano was striking. The coin founded by Charles Hoskinson was ranked third on CoinMarketCap a few weeks ago, but has now fallen to fifth place.

One of the only remaining positives was VeChain which continues a parabolic climb started at the beginning of the year.

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Modi’s majority

According to Reuters, a senior government official confirmed that the Indian parliament could introduce a ban on crypto where holders of Bitcoin would be penalized if they still hold the asset in six months’ time.

Thanks to the comfortable lead of Prime Minister Narendra Modi in parliament, Indian politicians do not feel that voters will lash out against them at the polls in retaliation. If enacted, it would be a major blow to crypto investors in the Indian subcontinent.

Finance Minister Nirmala Sitharaman said:

I can only give you this clue that we are not closing our minds, we are looking at ways in which experiments can happen in the digital world and cryptocurrency. There will be a very calibrated position taken.

VeChain continues climb

Over in the broader altcoin market, the performance of small crypto VeChain continues to amaze. After we warned last week that another breakout was imminent, the coin reacted indeed in the way that technical analyst Justin Bennett predicted on 11 March. At the time of writing, it is trading at $0,07971, up 22% today and 28% in the past week.