India crypto bill announcement pulls down crypto prices

After Parliament announced to introduce and list 26 new bills in the Winter Session, which included the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, India crypto prices faced a panic selling on major crypto exchange WazirX which thereby led to a major price drop in Bitcoin (NYSEARCA:BTC) and Ether (ETH). Bitcoin and Ether are trading 1.8% and 1.3% down currently. BTC/INR is currently trading 8.7% down; Wednesday morning at 3:30 am UTC tanked the price by 14.8% within two hours. As Cointelegraph cites WazirX CEO Nischal Shetty highlighting that the Indian crypto market usually trades at a premium compared to the global market and driven by panic selling the Indian market now stands corrected and prices have reached global level. He also quotes former Finance Secretary of India Subhash Chandra Garg's suggestion that "there should be a prohibition on the "currency" use case of crypto," if any. BTC Markets CEO