Bitcoin News Today – The Supreme Court of India just made a very bullish ruling in favor of Bitcoin (BTC). The Supreme Court just overruled a central bank directive that effectively put a ban on Bitcoin (BTC) and other digital currencies in India. This was revealed in a report by Bloomberg a few hours ago as of the time of writing.
Nevertheless, the impact of this decision has not reflected on the price of Bitcoin and other digital currencies, with prices remaining relatively stagnant over the past day. Bitcoin has been struggling to break over the $9,000 hurdle point after it plunged from its year-to-date high of $10,500.
Supreme Court of India Lifts Ban on Bitcoin and Other Cryptos
According to extracts of the Bloomberg article, judges have ruled that India’s Reserve Bank was wrong in banning banks and financial services from offering services to those involved in digital currency trading.
Reacting to the decision, an AI/cloud specialist at Microsoft and prominent digital currency analyst – Joe McCann – said that:
“If true, India is nearly as big as China. That would open up a potentially large market for Bitcoin buyers…”
Before the ban on the digital currency industry in India, the nation was a breeding ground for innovation regarding digital currencies. Hence, a revoking of the said ban by the regulators could revive BTC investment and the level of technological developments for other projects.
This Is Bitcoin’s Biggest News of the Year
Commenting on the abovementioned sentiment, Joseph Young of NewsBTC said that this “will be Bitcoin’s biggest news of the year.” In a tweet, he said:
Whatever happens to the crypto industry in 2020, this will be the biggest news this year.
Bitcoin (BTC) and other top digital currencies in the market are yet to respond to this bullish news. However, many believe that the return of crypto investors in India would have a tremendous impact on the price of the digital currency in the short to medium term. This piece of bullish news coupled with the forthcoming Bitcoin halving in May this year could send the price of the digital currency to new levels.
However, Bitcoin (BTC) is still trapped under the $9k level at the time of writing. The digital currency has made several attempts to break over the $9k level but failed. At the time of writing, Bitcoin is trading at $8,817 after an increase of less than 1 percent. The immediate support for the coin is near $8,700 while its major hurdle remains the $9k level.
