Bitcoin and other cryptocurrency prices are slumping on one Indian exchange – Koinex. The reason behind this downtrend is an announcement by the exchange on disabling INR withdrawals. Koinex will accept INR withdrawal requests only until 2 PM on July 09, 2018.
INR WITHDRAWAL UPDATE:
Users will be able to submit INR withdrawal requests till 02.00 PM on July 9, 2018 (Monday) after which no further INR withdrawal requests will be accepted.(1/2)
— Koinex (@koinexindia) July 7, 2018
It appears that users are selling off their holdings to withdraw their INR fiat before the deadline. It also looks like the traders are not looking for other options available to them. While it started slow but within hours of the announcement, the cryptocurrency prices on the exchange are close to 30% less than global average.
Ideally I should refrain from sharing opinions, but this time let me quickly tell you STOP SELLING FOR LOWER PRICES on Koinex.
There are many options to get the best value for your holdings. Please use them.
Move to Exchanges that allow INR Withdrawals
As of now many Indian exchanges are allowing INR withdrawals without any issues. Coindelta, Bitbns, KoinOK are few of them. Koinex users should send their holdings to these exchanges and sell it there.
Use Peer to Peer Exchanges
Peer to Peer exchanges allow you to sell cryptocurrencies to other buyers who will transfer the money directly to your bank account. Many P2P exchanges support INR. The highest volume for BTC on a P2P exchange if offered by LocalBitcoins.
Koinex is shutting down INR withdrawals but have announced its own P2P exchange Loop. Once Loop is released, you wil be able to get a competitive value for your cryptocurrency. You can avoid selling at 31% less of the market value right now and sell at the market rates on Loop later.
The government of India has not banned cryptocurrencies. We are hopeful that regulations will be released sooner or later. There is a Supreme court hearing scheduled on July 20, 2018. Bitcoin is decentralised, if you are in the game for long term, HODL it instead of panic selling. All exchanges have announced that your crypto will remain safe with them. Even Koinex. So why sell?
Zebpay is Thriving in Prices
On other hand after announcing the deactivation of INR deposits and Withdrawals, prices of cryptocurrencies on Zebpay are atleast 10% higher than the international market.
The disadvantage with Zebpay is that no one can withdraw their profits. The disadvantage with Koinex is that no one can take advantage of the low prices. Crypto enthusiasts should not just observe the menace but educate the traders to not be part of this. There are other options. Please share this article so that people don’t sell their holdings in loss.