Bitcoin pulls back on report of coming India ban

A senior Indian official tells Reuters the government is set to propose a law making it illegal to mine, trade, or even hold private cryptocurrencies.The bill would reportedly give those holding cryptocurrencies like bitcoin (BTC-USD) six months to liquidate, or else begin to face fines.Officials are confident about passage of the ban given the sizable majority in parliament for Prime Minister Narendra Modi's government.The news has sent bitcoin down about $1K in the last few minutes, now trading at $59.1K.Earlier this weekend, bitcoin raced to new records, trading as high as $61.7K.