research paper on bitcoin in india

A Comparative Study of Cryptocurrency Market of India with the Global Market

International Blockchain And Cryptocurrency Conference November 2-3, 2021, Ankara, Turkey ISBN: 978-1-955094-18-4

9 Pages Posted: 16 May 2022

Pooja Pandey

Banaras Hindu University (BHU) - Faculty of Management Studies

Date Written: November 16, 2021

Over the past few years there have been a tremendous development in information and communication technologies, which have led to the internet revolution. More number of people is active users of different online platforms and are involve in purchase and selling of goods and services, payment and money transfer. Even trading is now being done through online platforms. In this new era of technology a new concept has came into being which is known as Cryptocurrency. Cryptocurrency is a virtual currency which is valuable intangible assets used as a medium of transaction and also trading. It is not available in physical form and is not. The cryptocurrency market has evolved as fast growing market for investment with immense speed over a short time period. The first cryptocurrency Bitcoin was introduced in January 2009, and since then more than many cryptocurrencies have been developed because of its increasing popularity and consumer’s interest. This paper focuses to provide a comparative analysis of Cryptocurrency market of India with the rest of the world and a detailed study of cryptocurrency Industry.

Keywords: Cryptocurrency, Bitcoin, Blockchain, Currency, Unregulated

Suggested Citation: Suggested Citation

Pooja Pandey (Contact Author)

Banaras hindu university (bhu) - faculty of management studies ( email ).

University of Delhi Varanasi, 221005 India

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• DELHI BUSINESS REVIEW
• Vol 19 , Issue 2 , July - December 2018
• 10.51768/dbr.v19i2.192201807

Blockchain Technology Application in Indian Banking Sector

Vol 19 , Issue 2 , July - December 2018 | Pages: 75-84 | Research Paper  

Published Online: November 28, 2018

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Purpose: Banking and technology are very closely associated and innovations have changed the framework of banking process drastically. The digital innovations in the banking sector started with the introduction of money that replaced the barter system and then the gradual replacement of wax seal with digital signatures. One such disruptive innovation which is changing the banking sector globally is Blockchain Technology (BCT). The paper aims to provide an overview of Blockchain Technology with its benefits and emphasizing on the applications of the technology in the Indian Banking Sector. The paper gives the insight of various challenges and global perspective of Blockchain Technology in banking industry.

Design/Methodology/Approach: The paper presents a conceptual study of potential of Blockchain Technology in revolutionizing the existing financial business applications in India.

Findings: The study concludes that, Blockchain will evolve as a disruptive force in transforming Indian Banking Sector by making banking transactions more secure, faster, transparent, and cost effective.

Research Limitations: The authors have used secondary data for the current study. An empirical research can be undertaken in future to present the growth of Bitcoin Technology in India with respect to other developing countries.

Practical Implications: Study is based on Secondary data and an empirical research can be undertaken in future to present the growth of Blockchain Technology in India and abroad.

Originality/Value: The paper presents the original viewpoints of the authors.

Applications, Banking, Blockchain, Bitcoin, Distributed Ledger Technology.

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• IBM. (2016c). Blockchain rewires financial markets: Trailblazers take the Lead. Retrieved from https://public.dhe.ibm.com/common/ssi/ecm/gb/en/gbp03469usen/gbp03469-usen 02_GBP03469USEN.pdf, Accessed on March 10, 2017.
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• Nakamoto, S. (2009). Bitcoin: A peer-to-peer electronic cash system. Retrieved from http://bitcoin.org/bitcoin.pdf,  Accessed on January 10, 2017.
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• Venkatesvaran, P. (2017). Technology Trends in Indian Banking Sector. The Management Accountant, 52(1), 21-25. Retrieved from http://icmai.in/upload/Institute/Journal/Jan-2017.pdf, Accessed on November 3, 2017.
• World Economic Forum (2017). Blockchain in financial services in emerging markets Part II: Selected Regional Developments. Retrieved from https://www.ifc.org/wps/wcm/connect/b08ac5cd-11f8-4eb5-8b85-a082765727f7/EMCompass+Note+44.pdf?MOD=AJPERES, Accessed on August 29, 2017.
• Yli-Huumo, J., Ko, D., Choi , S., Park, S., Smolander, K. (2016). Where is current research on Blockchain Technology?—A systematic review. Retrieved from https://journals.plos.org/plosone/article?id=10.1371/journal.pone.0163477, Accessed on March 12, 2017.
• Zhao, J. L., Fan, S., & Yan, J. (2016). Overview of business innovations and research opportunities in Blockchain and introduction to the special issue. Retrieved from https://doi.org/10.1186/s40854-016-0049-2, Accessed on July 23, 2017.

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AWARENESS ABOUT CRYPTOCURRENCY IN INDIA

In 2017, the term 'Bitcoin' was searched 8 times more than the term 'Kardashian'. So what is the bitcoin? Or some as saying cryptocurrencies and how many people know about it and what do they know about it. Is Bitcoin the next economic bubble? This research is conducted to find what people know and what they think about the cryptocurrencies, this survey includes one's view about payment methods, about their preferred mode of investment, and their views and opinions about cryptocurrencies.

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In the history of humans, they have used commodity as currency in Barter system. Fiat currency(notes and coin) is the mostrecent development, they were first used around 1000 years ago, but today it is the most dominantform of money. This wasn't the end of monetary evolution. Cryptocurrency isthe latest development is the monetary system. Cryptocurrency is neither commodity money nor fiat money – it is a virtual currency.Compared to conventional payment systems, Bitcoin lacks governancestructure other than its underlying software. This has several implications forthe functioning of the system. First, Bitcoin imposes no obligation for a financialinstitution, payment processor, or other intermediary to verify a user's identityor cross-check with watch-lists or embargoed countries. Second, Bitcoin imposesno prohibition on sales of particular items;This article explains what cryptocurrency is, awareness about cryptocurrency in Indian marketand, the factors which will help people in adoption of cryptocurrency.

IOSR Journals

The present study is focused on assessing the role and impact of Bitcoin. As India is in the technical era, techno-Indians speak, invest, and possess Bitcoin. This paper is an outcome of an exploratory research on the role of Bitcoin and its future in the Indian economy. The study answers the question "Is Bitcoin boon or bane in India".

International Journal of Economic Sciences

This paper aims to analyse the crypto market in India from the viewpoint of consumers who could potentially trade in these markets and extend the extent of their behaviour to the importance of a regulatory body within the economy. The central idea of this paper is to estimate the importance of a central bank in the minds of people and how it affects their trust on a currency which is unregulated. This forms the first tier of the paper In order to get insight into the more technical dynamics of cryptocurrencies, the paper then studies cryptocurrency from the point of view of experts who explain the different dimensions of the crypto markets. This forms the second tier of the paper. The paper aims to analyse from the surveys conducted and the available literature, the nature of the crypto market in India with a more reporting approach than a problem-solving model. The research is based on primary data collected by means of surveys and structured interviews. These are termed as the two...

AARF Publications Journals

new peer to peer trading through cryptocurrency in India played an important role in encouraging people to make investments and earn profits. Cryptocurrency were evolved over a period of time by Satoshi Nakamoto. Now there are approximately 1384 crypto currecy are available as on Jan 2018. The high frequency of ups and downs of bitcoins has captured the attention of many. Starting from a price of just $1000 in January 2017 reached to $15000 in December 2017 has amazed not only the investors but the government as well. It is due to this high volatility that government has issued the warnings three times i.e. in December2013, February2017 and December 2017 to the people not to invest in these bitcoins or other cryptocurrencies. It has shown both positive and negative aspects. Now a days this form of digital money has been started to be accepted by some concerns but due to the governments statements on its deregulated form it raises the concern of people. But when we see the same situations about the cryptocurrency trading in other countries we find that in spite of banns and licensing cryptocurrency and blockchain are still growing in these countries. The present research paper is secondary data base. The data for this paper has been collected through web and alternative revealed sources

International Journal for Research in Applied Science & Engineering Technology (IJRASET)

IJRASET Publication

Crypto currency is the latest and the most significant development in the financial industry. It has brought a revolution in the Indian financial markets and created a challenge for the banking industry by presenting it as investment opportunity. Bit coin, the first and the most popular crypto currency launched in the year 2009. It has given the other option to the long standing and unchanged financial payment system which is existing for many decades. It is a decentralized digital currency that can be sent from user to user on the peer-to-peer. In the bitcoin network it can be sent without the need for intermediaries, where transactions are done through a public ledger called block chain, where user data is stored anonymously. It has created a robust digital trade markets where there is free flowing trading system without fees. They are not going to replace the traditional system of payments but they have changed the way of making payments through internet and interaction of global markets. In addition to this has given an investment option too. In the light of above facts current research has been conducted to know the status of cryptocurrency in India, various types of crypto currencies existing in India its problems and prospects. It was found that there is no legal regulation to control their operation only current announcement in the budget gains arising from the trading of these currencies has brought under taxation. But till date RBI has not given any recognition to it and the user /investor is responsible for their risk.

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This paper aims toward amplifying the concept of cryptocurrency as emerging digital money in the world and its practices in Nepal. The paper is based on review of various articles, books and relevant websites that provide information regarding cryptocurrencies. The paper highlighted the conceptual part and types of cryptocurrencies in the first section, the major literature review in the context of world in the second section, and the practices of cryptocurrency in Nepal in third section followed by conclusion in final section. An exploratory research design has been adopted in the study. The primary survey has been done to collect the data with self administered questionnaire. The paper reveals the importance of cryptocurrencies in the present context of digital world. The paper concluded that the majority of the respondents are not well known about cryptocurrency in Nepal. The respondents are found interested to invest with knowledge, policy and security on cryptocurrency in Nepal...

This paper sets outs a brief discussion about the bitcoin being a bubble or legit currency on Indian economy. The study was mainly focused on the impact of bitcoin and legit currency in the Indian economy and also the major factors that leads the currency to the growth of the economy The Indian merchant's uses bitcoin transaction for the purchases and sale of goods and services. Few people states that bitcoin is not bubble but a corruption of real currencies. The sudden rise of bitcoin, and the bitcoin market, has examined the currency as a furor, a bubble, or a scam. Critics also states that there is an absence of central bank advocacy that's makes bitcoin a pointless, that shows an absence of considerate about how currency work in the bitcoin market. The study is mainly focused on Indian economy as whole.Keyword:-Bitcoin, bubble, legit currency, blockchain,

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The assumption for more advantage altogether faster makes man to examine various ways. However, on occasion, it leaves a bitter experience. The instance of Ramalinga Swamy is an illustration of that. According to Sakshi media, G.Ramlinga Swamy, aged 36, of Khammam who allegedly killed himself by feeding poison at lodge in Suryapet due to loss of Rs.70 lakh over to crypto scammers. “He fell in their trap and start investing in cryptocurrency are initially given good returns. Eventually, fraudsters block the accounts and scoot” (Sakshi, 2021). This incident has awakened us to know the factors influencing people to invest their money in cryptocurrency. A sample of 300 investors who invested in cryptocurrency are selected on the basis of stratified random sampling from Warangal district of Telangana state. The study reveals that the majority of the investors are in the age group of 31-35 and whose occupation is business. Further, multiple correlation technique is used to figure out the most important factors influencing consumers to invest their money in cryptocurrency. This study also reveals the impact of cryptocurrency on Indian society and environment.

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The post demonetization era in India witnessed a spurt in digital payments. According to the Payments Council of India, the growth rate of the digital payments industry, which was earlier in the range of 20-50 per cent, has accelerated post demonetization to 40-70 per cent (PTI, Money and Banking, 2017). Now when all this was happening, there was something more interesting taking place. The proclivity towards cryptocurrencies witnessed strong rally and now India accounts for more than 11 per cent of such trade globally(PTI, Money, 2018).Witnessing the strong rally, the government repeatedly warned against investment in cryptocurrencies and branded them synonymous to ponzy schemes and reiterated that it does not recognize the cryptocurrencies as legal tender(PTI, Money, 2018). This paper attempts to explore the causes that are pushing the crypto currencies to the crescendo, despite indifferent attitude demonstrated by the legislations. This work also aspires to throw light on the future of crypto currencies in the Indian context.

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As the use of cryptocurrencies grows, so are the restrictions that have been put in place to control them globally. This study would assist you in navigating the wide range of Bitcoin rules, legislative attitudes, and actions worldwide. To find out how India regulates the coins and exchanges and whether they have any pending legislation that might influence how they view cryptocurrency. The world of cryptocurrencies exploded last year. Currently, more than $0.9 trillion is invested in cryptocurrencies worldwide. And the number of cryptocurrency users globally is reportedly over 300 million. It reveals the crypto world's key developments in this new study (in 2022) and those that will probably endure at least through 2025.

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BITCOIN IN INDIA: A DEEP DOWN SUMMARY

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Karnataka Bitcoin scam: SIT quizzes Congress-linked Nalapad brothers over ‘association’ with hacker Sriki

Karnataka youth congress president mohammed haris nalapad and his brother omar haris nalapad were questioned last week over their alleged links to hacker srikrishna ramesh, the main accused in the bitcoin scam..

A Special Investigation Team (SIT) of the Karnataka Criminal Investigation Department (CID) that is investigating a Bitcoin scam involving cryptocurrency allegedly stolen by international hacker Srikrishna Ramesh alias Sriki has questioned state youth Congress president Mohammed Haris Nalapad and his brother Omar Haris Nalapad over their past association with the accused.

Mohammed, 33, and Omar, 29, were questioned over two days last week regarding their association and financial transactions with Sriki, 30, sources familiar with the probe said. The Nalapad brothers are sons of N A Haris, the Congress MLA from Bengaluru’s Shantinagar.

The SIT, which is probing alleged police corruption in the original handling of the hacking cases following Sriki’s arrest in November 2020, is also looking at instances of possible usage of stolen cryptocurrency by the hacker with several high-profile associates.

“The questioning (of the Nalapad brothers) was with regard to the Cottonpet case (alleged hacking of multiple crypto exchanges by Sriki). Expenses for the hotel stay (of the hacker), travel and other expenses were met by some of the associates. This is being investigated,” an SIT source said.

The SIT began its probe into the Bitcoin scam in June 2023 at the instance of the new Congress government. It arrested Sriki and his close associate and fund manager Robin Khandelwal, 30, last month in connection with the June 23, 2017 hacking of Unocoin Technology Pvt Ltd’s crypto exchange in Karnataka which led to the theft of 60.6 Bitcoin valued at Rs 1.14 crore (at the then prevailing rate of Rs 1.67 lakh per Bitcoin).

According to statements given to the police in 2020 by Khandelwal, a Kolkata -based Bitcoin trader who doubled up as a crypto fund manager for the hacker, he sold 130 Bitcoins that were allegedly given to him by Sriki between 2017-20. A total of Rs 3.48 crore from the sale of the Bitcoins was allegedly transferred to the accounts of people indicated by Sriki while Rs 1.5 crore was provided in cash (through hawala routes) to Sriki himself.

The link to the Nalapad brothers

Following his earlier arrest in November 2020 by the Bengaluru Crime Branch police, Khandelwal had given statements to the police – these are part of the chargesheets filed by the Bengaluru police against Sriki and his associates in 2021 – that indicate links to the Nalapad brothers, sources said.

In his statements, Khandelwal has reported travelling to Bengaluru in 2018 after meeting Sriki online and carrying out a few crypto trades on his behalf. “In April 2017, Srikrishna, who sells Bitcoins at localbitcoin.com, met me online. Srikrishna chatted on the localbitcoin.com website and said that he had 900 bitcoins to sell. I agreed to this and received Bitcoins from Srikrishna and sent money from my account…,” Khandelwal stated.

During the visit to Bengaluru in January 2018, Khandelwal said he met Sriki at a five-star hotel with his friends, including Mohammad, Omar and their associate Mohammed Nafi, among others.

“At this time Srikrishna had hacked the databases of Bitcoin exchanges and kept a lot of Bitcoins with him. He showed me the Unocoin database,” Khandelwal’s voluntary statement to the Bengaluru police in 2021 states.

In February 2018, when Mohammed Nalapad was involved in a brawl at a pub in central Bengaluru and was arrested, Sriki who was in his company fled from Bengaluru and reportedly stayed with Khandelwal in Kolkata and other places, Khandelwal has claimed in his statement.

In the period that Sriki was on the run (till October 2018), they were allegedly joined by friends from Bengaluru in Delhi, Chandigarh , Himachal Pradesh and Mumbai . Omar Nalapad was among the friends Sriki and Khandelwal allegedly met during this time.

“When Srikrishna was at our house, he told me that he wanted to go to Mumbai, so I hired a car. I went to Mumbai with Srikrishna and joined Omar Nalapad, who was already staying at the ITC Maratha Hotel,” Khandelwal’s statement alleges.

Later, Khandelwal, Omar and four others are reported to have rented a private jet to fly from Chandigarh to Mumbai with the cost of the flight being borne by Khandelwal from the crypto funds provided to him by Sriki, as per Khandelwal’s statements.

According to Khandelwal’s bank account records – these were attached to the earlier chargesheets filed by the Bengaluru police against Sriki and his associates – Khandelwal paid Rs 11 lakh to a firm Chipsan Aviation Pvt Ltd at Sriki’s instance; Rs 45 lakh for purchase of a Porsche Macan car in Bengaluru by an associate; while Rs 27 lakh was given to an associate Mohammed Nafi, among others.

While there is no record of direct fund transactions between Sriki, Khandelwal and the Nalapad brothers, Sriki, in a statement given to the CID police in 2021 following his arrest in connection with a July 2019 hacking at the Karnataka government’s e-procurement portal, claimed to have made an “investment” of 150 Bitcoins and 1,100 Ethereum with Mohammed Nalapad after meeting the brothers in 2017.

“In 2017, I completed my degree and came back to India. After coming back to India, I became close to Nalapad (the younger son named Omar Haris Nalapad) and spent my days chilling with him,” reads Sriki’s statement to the CID cybercrime police in 2021.

“I gave his brother Mohammed Nalapad Haris 150 BTC and 1100 ETH and he claimed that it was an ‘investment’ to be returned in six months as clean white money,” the statement adds.

Police sources said that Sriki has made many statements about giving away cryptocurrency but the statements have been denied by those named by the hacker. The statements, however, are a subject of investigation and verification, the sources added.

Last month, the SIT quizzed the son of a senior Karnataka IPS officer over the hacking cases involving Sriki. The senior IPS officer’s son was questioned over his role in the purchase of a Rs 57 lakh Porsche Macan car by a group of youths using funds allegedly provided by Khandelwal in January 2018.

“Sriki and associates got funds from multiple hacking crimes. The stolen cryptocurrency was converted using the services of the accountant and used for various purposes – purchase of cars, booking flights, hotel fares. The purchase of the Porsche car is under investigation for use of funds obtained by hacking,” an SIT official said.

A look at the Bitcoin scam

Hacker Sriki and his accountant Robin Khandelwal were initially arrested by the Bengaluru Crime Branch in November 2020 on charges of buying drugs online using Bitcoin. The case eventually led to the cracking of several cybercrimes in Karnataka, including a Rs 11.5 crore heist from the state e-procurement portal in 2019.

The handling of the cases involving Sriki under the BJP regime in Karnataka after the arrests in November 2020 resulted in allegations of corruption by the Congress when it was in Opposition between 2020-2023. It is also alleged that police officials grabbed a large cache of Bitcoin that was found in the crypto wallets of the hacker Sriki after his arrest in November 2020.

At the time of Sriki’s arrest in 2020, the value of one Bitcoin was in the range of $25,000 (around Rs 20 lakh) and soared to as high as $60,000 (around Rs 50 lakh) by April 2021.

Shortly after it came to power in Karnataka in May 2023, the Congress government constituted a CID SIT on June 30, 2023, to probe the Bitcoin scam from the BJP tenure.

BJP and RSS affiliates, including ABVP, are worried about the cancellation of UGC-NET and police investigations into the NEET-UG question paper leak. ABVP is questioning the credibility of the National Testing Agency and demanding a CBI probe. The ruling party is also addressing concerns about coaching institutes and taking measures to prevent future incidents.

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Musk’s controversial comment

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Kennedy highlighted voting irregularities related to EVMs in Puerto Rico’s primary elections and advocated for a return to paper ballots to avoid “electronic interference with elections.” Musk responded,

“We should eliminate electronic voting machines. The risk of being hacked by humans or AI, while small, is still too high.”

Former IT minister confronts Musk

Musk’s statement did not go unnoticed. Rajeev Chandrashekhar, former Indian union minister of state for information technology and electronics, quickly responded. He criticized Musk’s generalization, stating,

“This is a huge sweeping generalization statement that implies no one can build secure digital hardware. Wrong. Elon Musk’s view may apply to the US and other places where they use regular compute platforms to build Internet-connected voting machines. But Indian EVMs are custom-designed, secure, and isolated from any network or media. No connectivity, no Bluetooth, wifi, Internet. There is no way in. Factory programmed controllers that cannot be reprogrammed. Electronic voting machines can be architected and built right as India has done. We would be happy to run a tutorial, Elon.”

Musk’s statement fuels local news reports

Adding fuel to the fire, an Indian news publication, Mid-Day, reported an incident involving an alleged manipulation of an EVM in Maharashtra.

The report claimed a relative of a BJP ally candidate was caught using a phone connected to the EVM to generate an OTP that unlocked the machine.

The candidate won by a slim margin of 48 votes. Although police later denied these claims, the report, combined with Musk’s statement, reignited the debate.

Rahul Gandhi’s reaction

Rahul Gandhi, Congress MP and de-facto chief of the principal opposition party in India, seized the opportunity to criticize the EVM system. Reacting to Musk’s statement and the Mid-Day article, Gandhi said,

EVMs in India are a ‘black box,’ and nobody is allowed to scrutinize them. Serious concerns are being raised about transparency in our electoral process. Democracy ends up becoming a sham and prone to fraud when institutions lack accountability.

The Indian Supreme Court’s stance on EVMs

In a recent ruling, the Indian Supreme Court affirmed the credibility of EVMs and their integration with VVPATs (Voter Verifiable Paper Audit Trails).

The court dismissed petitions seeking 100% verification of votes cast through VVPATs and rejected a return to the ballot paper system, stating, “Blindly distrusting poll process can lead to unwarranted suspicion.”

Implications for the future

Elon Musk’s comments have inadvertently revived a long-standing debate in Indian politics, highlighting the global concerns over electronic voting systems.

While the Indian Supreme Court and former IT Minister Chandrashekhar defend the integrity of Indian EVMs, the opposition continues to question their transparency and reliability.

As India moves forward, the debate over EVMs is likely to persist, reflecting broader concerns about the security and trustworthiness of electronic voting systems worldwide.

For Musk, his involvement underscores the influence of global tech leaders on national political debates, even when their remarks are not directly targeted at a specific country’s electoral process.

Elon Musk’s entry into the EVM debate in India showcases the intersection of technology and politics on a global scale.

As the discourse continues, it remains to be seen how these discussions will shape the future of voting systems in India and beyond.

The episode underscores the importance of securing and maintaining trust in the electoral processes, crucial for the health and stability of democracies worldwide.

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Bitcoin ETF Buyers Are 'Paper Hands' And 'Will Sell When They Start Losing Money,' Analyst Claims

Zinger key points.

• Jim Bianco highlights that most Bitcoin ETF trades are retail-driven, with minimal involvement from institutional investors yet.
• Bianco warns that retail investors ("paper-hands") are more likely to panic sell, leading to increased Bitcoin market volatility.

Spot Bitcoin BTC/USD ETF buyers may be mostly self-directed retail investors and not institutional traditional finance investors , according to Jim Bianco from Bianco Research .

What Happened: In his latest social media thread, Bianco highlighted BlackRock executive Samara Cohen sharing that most Bitcoin ETF transactions involve self-directed investors utilizing online brokerage accounts. This claim is supported by data showing the average size of a spot Bitcoin ETF trade to be just $14,600, significantly smaller than trades seen with more established ETFs like SPY.

"This is exactly what you'd expect if the buyer is a retail Degen," noted Jim Bianco, emphasizing that TradFi is largely not participating yet.

Bianco further noted that the average trade size will only increase when institutional investors start trading in larger volumes, which is not currently happening. He highlighted a trend where most retail investors in Bitcoin ETFs have transitioned from on-chain accounts to regulated brokerage platforms.

Also Read: Bitcoin Spot ETFs See $146M Outflows On Monday For 5th Outflow Day In 6

Why It Matters: The predominance of retail investors in Bitcoin ETFs is crucial because they are historically more prone to panic selling compared to institutional investors, Bianco warned. "Retail Degens are paper-hands and will sell when they start losing money, more so than TradFi," he notes,  which could cause increased volatility in the Bitcoin market.

The average purchase price for these Bitcoin ETFs since they started trading last January is approximately $61,000. Bianco noted that while current Bitcoin prices haven’t reached this level yet, it’s a critical threshold to monitor.

Bianco pointed out that recent trends show Bitcoin ETF outflows over the last six days, coinciding with falling prices. The next significant macroeconomic event, the FOMC meeting, is scheduled for July 31. This upcoming event could once again influence market sentiment and prices.

What’s Next : The influence of  Bitcoin as an institutional asset class  is expected to be thoroughly explored at Benzinga’s upcoming  Future of Digital Assets  event on Nov. 19.

Read Next: Peter Schiff Trains His Guns At Bitcoin Spot ETFs Once Again: What Happens ‘When Buyers Get Tired Of Waiting And Become Sellers Too?’

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Image: Shutterstock

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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