Why market is so down against INR?

[newIndia]

Only a month ago, while BTC touched 1200 USD, it was locally trading at 90k+ INR. This time it has not yet crossed 80k INR on any exchange or LBC. According to bitcoinrates.in, BTCxIndia rate is even below 70k INR. Is the market down because of Fear, Uncertainty, Doubt or it is being manipulated?

[polynesia]

Only a month ago, while BTC touched 1200 USD, it was locally trading at 90k+ INR. This time it has not yet crossed 80k INR on any exchange or LBC. According to bitcoinrates.in, BTCxIndia rate is even below 70k INR. Is the market down because of Fear, Uncertainty, Doubt or it is being manipulated?

This is partially explained by the weakness in USD. The USD has lost ground against most currencies, including INR.
It is now trading in the 64-65 range, where as it had threatened 70 at one point in time.

[Blackshadow007]

Currently CS Price almost same as Live rate of BTC :/ seems like people got fear about possible outcome of GOVT.

BTCXINDIA stopped taking deposits :/

https://bitcointalk.org/index.php?topic=1848967.msg18475756#msg18475756

[polynesia]

Currently CS Price almost same as Live rate of BTC :/ seems like people got fear about possible outcome of GOVT.

BTCXINDIA stopped taking deposits :/

https://bitcointalk.org/index.php?topic=1848967.msg18475756#msg18475756

That is pretty strange. Companies are reacting even before the government takes a decision on Bitcoin.
Kind of jumping the gun. They shouldn't be in the bitcoin business if a statement by one MP bothers them so much.

[bitcoinisbest]

I think they have precautionary itself shut down just to get more clear idea about the future prospect. Once things are clear they feel that it is best to go ahead rather then just running the site and then land in trouble since RBI have already made a cautionary note.

[lordquanta]

Currently CS Price almost same as Live rate of BTC :/ seems like people got fear about possible outcome of GOVT.

BTCXINDIA stopped taking deposits :/

https://bitcointalk.org/index.php?topic=1848967.msg18475756#msg18475756

That is pretty strange. Companies are reacting even before the government takes a decision on Bitcoin.
Kind of jumping the gun. They shouldn't be in the bitcoin business if a statement by one MP bothers them so much.

For some It is better safe than sorry. Importantly this news has exposed how some companies are/were marking up prices than International price.

[rajasumi3]

the main reason behind the bitcoins price down while exchanging is that the price of bitcoins because the companies are misusing the price of bitcoins and wanted to earn profit a lot while selling and the difference between buying and selling is around 4k in all the apps for bitcoins.

[lordquanta]

In addition to that, huge uncertainty around how Govt is regulating bitcoin. Nobody knows for sure how our babus going to regulate 'bitcoin trading' , a field of which they know absolutely zilch about. The bright side is now there is less difference in preev rate and Indian market price.

[Nam3]

I believe it has to do with USD value. As we can see, it's going down in value. Not too long ago, it was like 68-69 which is now 64-65 Obviously major exchanges don't deal in INR and use USD, so the value of BTC is related to that of USD. If USD goes up, BTC price in INR would go up as well.

[moooonu]

Of course there is little hesitation about going for it. Recent I have seen That btc was down to around $970 and now it's again climbed to 1260$. Trader are unsecure and unsure about the btc. So they are playing it with a safe side.

[vaibhavsingh]

Anyways, it's a nice opportunity to be able to buy them cheaper directly in INR. And probably a result of new government policies.