Coinbase Expands India Presence; Bitcoin Faces Geopolitical & ETF Pressures
Coinbase Expands India Presence; Bitcoin Faces Geopolitical & ETF Pressures
Coinbase has significantly expanded its operations in India by enabling direct rupee bank transfers via IMPS, facilitating local currency deposits and withdrawals for spot and futures trading, following regulatory approval. Concurrently, Bitcoin experienced a price dip below $72,000, attributed to rising geopolitical tensions involving Iran. Adding to market concerns, a substantial $1.3 billion sale from BlackRock's IBIT Bitcoin ETF was interpreted by NYDIG as a large directional holder exiting their position, suggesting a potential negative impact on Bitcoin's market sentiment.
Coinbase has switched on direct rupee bank transfers in India via IMPS, letting users move funds between local bank accounts and the exchange for spot and futures trading.
Bitcoin price headed below $72,000 on Iran woes as US President Donald Trump told observers to "sit back and relax" with a ceasefire still unresolved.
NYDIG’s Greg Cipolaro says a sale below market price and giving up millions of dollars for immediate execution indicates a large directional holder exited a trade on BlackRock’s IBIT last week.