Bybit Suspends India Services Amid Regulatory Changes; US States Explore Bitcoin Reserves
Bybit, a prominent cryptocurrency exchange, has temporarily halted its services in India due to regulatory changes, although user fund withdrawals remain unaffected. Indian regulators’ recent restrictions have prompted this suspension. Meanwhile, in the US, New Hampshire and North Dakota are considering bills to create strategic Bitcoin reserves, indicating a push by legislators to diversify state finances with digital assets. In corporate news, a Meta shareholder is advocating for allocating some of Meta’s cash reserves into Bitcoin to hedge against inflation, underscoring Bitcoin’s robust performance compared to bonds over the last five years. A survey from Bitwise found that 56% of US financial advisors are more inclined to invest in crypto post-Trump’s election. On the regulatory front, the US Justice Department charged three Russians with money laundering through crypto mixers, while Russian authorities seized Bitcoin from a former official involved in a bribery case. In the market, Bitcoin is trading at $94,691, with XDC Network showing weekly gains and THORChain losing value.
Bearish
Bybit’s suspension of services in India due to regulatory issues reflects ongoing challenges for crypto exchanges with stringent regional regulations. This kind of disruption could impact Bybit’s market share and reduce trading volumes in affected markets, creating a bearish sentiment. Meanwhile, the US states’ interest in Bitcoin reserves is a positive long-term sign but unlikely to alleviate current investor concerns. Additionally, regulatory crackdowns like the US Justice Department action against money laundering through crypto mixers create uncertainty and could deter new investments. These factors collectively can lead to a short-term bearish impact in the crypto market as traders adjust to these uncertainties.