Share markets in India are presently trading marginally lower. Sectoral indices are trading on a mixed note with stocks in the consumer durables sector and healthcare sector witnessing maximum selling pressure. Stocks from the are trading in the green.
The BSE Sensex is trading down 102 points (down 0.3%) and the NSE Nifty is trading down by 24 points (down 0.2%). The BSE Mid Cap index is trading down by 0.7%, while the BSE Small Cap index is trading down by 0.2%. The rupee is trading at 63.67 to the US$.
In the news from cryptocurrency space, Bitcoin is headed for its worst monthly slide since December 2013. The cryptocurrency has extended its tumble lately as US regulators are ramping up their scrutiny of one of the world’s largest digital currency exchanges and Facebook Inc. banning ads tied to the industry.
Bitcoin and cryptocurrencies are a curious bunch. They have no central bank backing and have not yet been regulated. Yet, these seem to have found favor among a large number of people, with demand growing every day. There are over 800 cryptocurrencies in existence today, with new ones being added to the list every day.
While the world of digital currencies is intriguing, it can get very confusing for the layman. Indeed, a lot of people are still skeptical about the currency’s future. Our own government and the central bank certainly don’t like Bitcoins.
And yet, it would probably not be wise to dismiss bitcoins and the blockchain industry entirely.
At least, not without understanding the mechanisms that make cryptocurrencies and blockchain work in the first place.
As is the case globally, there is tremendous interest in bitcoins in India as well. The good news is that expertise is at hand to help you navigate the seemingly complex world of cryptocurrencies.
There’s a lot happening in the world of cryptos. Prasheel Vartak and his guru Tama Churchouse, who have been researching cryptos for years, will keep you on top of the happenings in the crypto world. Join them here.
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