India’s Supreme Court To Hear Bitcoin Case Next Week, UnHODLing Rumours And More
Initially scheduled for September 11, the Supreme Court of India has now postponed the cryptocurrency case hearing to next week. Besides the three-judge bench to look into the details of the merits of whether the RBI could take such extreme measure (RBI’s April 6 circular had earlier banned banks from extending their services to cryptocurrency entities) without having a proper consultation, the clubbed cases also seek Indian government’s clarification regarding Bitcoin-regulation in the country.
"Meanwhile, the market cap of Bitcoin and other cryptocurrencies has plunged down by 80% since December, last year. Once valued at $950 Bn, the market cap is currently $200 Bn, down by $750 Bn."
Supreme Court To Hear RBI-Crypto Case Next Week- On July 20, a three-judge bench of the Supreme Court had ordered that all the cryptocurrency-related cases be clubbed and had finalised the next hearing for September 11. Adjourned, the case will now be heard next week.
Rashmi Deshpande, Advocate, Khaitan and Co, who is representing petitioner Kali Digital, told Inc42, “The date will come out in the next week’s cause list.” The case is now likely to be listed for September 18.
Except for the RBI, which has already submitted its response in the court, many of the other respondents are yet to file their submission. Speaking to Inc42, petitioner No. 2, advocate Vijay Pal Dalmia, said that besides the RBI, the ministry of finance and the ministry of home affairs have also been made respondents in the case. However, the latter two have not filed their submissions yet.
Is It UnHODLing Rumours Or US Dollar — Hitting Bitcoin Hard?
Amid rumours that the Bitcoin HODL gangs are not interested in hodling anymore, Bitcoin plunged down by 15% within two days this week. Earlier, on Reddit’s Bitcoin forum, a user had said that a Silk Road-related wallet which owns 111,114.62 Bitcoin (in different sub-wallets now) is now actively moving its funds in the last three days and it might intend to offload its Bitcoin soon.
However, this may not be the only reason for the cryptocurrency fall at large. According to some analysts, cryptocurrency is getting crushed under the weight of a strong US dollar.