bitcoin drops as indian banks suspend cryptocurrency trading accounts
cryptocurrency exchange accounts are having a hard time in india
bitcoin's skyrocketing price has been seeing a decline gradually ever since 2018 has started last week it faced a severe blow when its price dropped to $10,000 the cryptocurrency observed another drop in value recently when various banks across india strated crackdown against cryptocurrencies trade. bitcoin which was trading at $12,800 on staurday dropped to $12,000 and is trading below $11,600 as of writing
on Friday, various big names of the banking sector of india including state bank of india SBI axis bank hdfc bank icic bank and yes bank have taken strict actions against crypto exchanges according to the local reports all of these banks have either suspended accounts of the cryptocurrency exchanges or have intensely limited the functionality of these accounts the report indicated that banks have been observing suspicious transactions from these accounts