Ethereum markets bounce after a record plunge last week
The cryptocurrency market shows a steady rise after the big sell-off last week after many indicators turned bearish. The Tesla boss believes doing so can improve speed and scaling to make it a real contender in the world of cryptocurrency. However, Ethereum Co-founder Vitalik Buterin picked apart the idea in a blog post by saying there are drawbacks and limits to what can be achieved with this proposal. Ethereum markets bounce after a record plunge last week appeared first on CryptoSlate.
Historic YouTube video with 883 million views to be taken down after its NFT was sold
The home video “Charlie Bit My Finger” non-fungible token (NFT), was auctioned for $760,999 on Sunday, the 14th anniversary of the viral sensation from the 2000s debut on YouTube. By outbidding the competition, the music and sound studio 3fmusic also won the opportunity to create a modern-day rendition of the classic clip, featuring the original stars, Harry and Charlie.
Cardano price technical breakout sets out for 60% rally eyeing $2.2
Cardano had an interesting last week whereby it rose into the fifth spot on the market despite the freefall in price. The staking platform boasts of a market cap of $48 billion and trails immediately behind Binance Coin. The trading last week was gruesome not only for ADA but the entire crypto market. From the recently traded all-time high of $2.5, ADA plummeted to the support at $1.1.
Bitcoin rallies as Elon Musk meet with miners in green energy push
Bitcoin has rallied to nearly US$40,000, boosted by tweets from Tesla founder Elon Musk and MicroStrategy CEO Michael Saylor announcing that they have met with North American miners of the cryptocurrency to promote a renewable energy initiative. The price of Bitcoin has risen nearly 10% in the past 24 hours, peaking at US$39,835 following a tweet by Musk.
JP Morgan CEO Sees Crypto Going To $5 Trillion
Jamie Dimon, the CEO of U.S investment bank JP Morgan, lifted spirits following his assessment that crypto markets could hit a $5 trillion valuation. Currently, the value of all cryptocurrencies comes in at $1.6 trillion. Speaking at Investment Company Institute (ICI) annual meeting, Dimon said more government oversight is needed before crypto gets too big.
The Supreme Court of India, in May 2020, gave India a much-needed boost in terms of cryptocurrency by overturning the Reserve Bank of India’s (RBI) 2018 cryptocurrency ban. Digital currency in India is expected to open new doors for investors. This is a significant move forward in India’s innovation, as it allows everyone to participate in the blockchain revolution.
Digital currency in India
More financial inclusion in the country is unquestionably possible. According to figures, India has a population of more than 1 billion people, with more than 300 million people in the middle class. Overturning India’s crypto ban would promote more crypto startups in the country.
The youth, who are more interested in cryptocurrency adoption, make up the majority of the population. The youth aged 28 to 29 years old are the most enthusiastic about cryptocurrency trading in India. Furthermore, according to the BBC, a gigabyte of mobile data costs $0.26 in India vs $12.37 in the United States.
As a result, India has enormous potential to become one of the world’s largest crypto economies. According to the EY Global Fintech Adoption Index 2019, India is one of the fastest-growing markets, with 87 percent of the population using fintech in some form.
Furthermore, since India has 190 million unbanked adults, Blockchain will promote more financial inclusion and digital currency in India.
Furthermore, according to a Quartz survey from 2018, one out of every ten bitcoin transactions in the world took place in India. Furthermore, after the United States, India is the second-largest source of web traffic to Paxful. Paxful is a bitcoin exchange site that allows users to trade with one another.
The Covid-19 pandemic is most likely to blame for such attention. People were forced to stay at home for months due to the pandemic. Some people have also lost their jobs as a result of this. As a result, people in India began investing in cryptocurrency as a means of generating income. BuyUcoin is India’s largest exchange.
However, in the midst of the excitement and success, it’s critical to have the requisite policies and regulations in place for this booming technology. Given India’s rapidly growing crypto market, policymakers and governance seem to have recognized the opportunity to adopt a promising innovation early. As India’s cryptos become standard with widespread applications, the number of use cases around the world is growing.
The use of blockchain in ‘regtech’ for regulators to collect and store data, in automated risk management, and for the facilitation of supervisory processes and regulatory reporting are just a few examples. CBDCs are currently being issued by national banks all over the world, from the European Central Bank to China’s and Turkey’s. This may also be possible in India.
A cutting-edge crypto strategy can have a significant impact on improving India’s overall financial base, helping to protect public security, deflect financial fakes, fortify our monetary policy, attract global capital, create more job opportunities, and retain our tech talent to accelerate technological developments, thus propelling the country toward becoming a global force to be reckoned with.
Furthermore, India devotes a significant amount of resources to safeguarding its currency, and the RBI will exercise extreme caution to ensure that cryptos do not experience a backlash, which could result in a rupee devaluation.
More importantly, as we can see with the introduction of the Payment Services Act in Singapore, regulating digital currency would legitimise its use in both business and personal settings.
We need a well-thought-out regulatory structure that promotes openness, and responsible market democratization could help us prepare for digital invasion and coercion. A preventative guideline will screen and prevent certain unfavorable outcomes.
According to a survey of 114,000 BuyUcoin users, the majority of Ethereum investors in India are between the ages of 18 and 34, with Tamil Nadu having the largest investor percentage.
According to the survey, the age group of 25-34 years had the largest percentage of Ethereum investors at 36.04 percent, followed by 18-24 years at 29.36 percent, 35-44 years at 17.36 percent, and 45-54 years at 8.89 percent. Investors aged 55 to 64 made up 4.86 percent of the total, while those aged 65 and up made up 2.95 percent.
Tamil Nadu had the largest proportion of Ethereum investors, with 20.16 percent, followed by Maharashtra (15.83 percent), Karnataka (9.27 percent), Delhi (8.99 percent), and Uttar Pradesh (7.90 percent).
The world’s second-largest digital asset has increased by over 1,180 percent in the last year, according to cryptocurrency exchange BuyUcoin. Ether was trading at 165,299 at 3.40 p.m. IST on the exchange.
“Ether has witnessed massive sell-off or profit booking owing to the stellar rally along with other crypto assets. We can say that ether is in the accumulation phase and the smart money is buying it currently. We strongly believe that the cryptocurrency will touch a new all-time high in the next six to eight months,” says Shivam Thakral, chief executive officer, BuyUcoin.
According to CoinGecko, ether, which is based on the Ethereum blockchain, was trading 10% higher at $2,249.59 in the international market after moving in a broad range of $1,758.56-2,320.07 over the previous 24 hours. The digital asset is now down 48% from its all-time peak of $4,356.99 set on May 12th.
In terms of demographics, the survey revealed that Ethereum had the highest percentage of female investors among all cryptocurrencies, at 14 percent, representing a 780 percent increase over the previous year.
Following a stellar year, the cryptocurrency market has been severely impacted by derogatory remarks from Tesla CEO Elon Musk, a Chinese crackdown, and exorbitant valuations.
An urgent need for India to enable cryptocurrency regulation
India to enable cryptocurrency regulation With the right checks and balances, combined with the fast-growing Indian consumer Internet economy, India can also become home to blockchain innovations that could drive India faster towards a $10 trillion economy. With the right checks and balances, combined with the fast-growing Indian consumer Internet economy, India can become a home to blockchain innovations that could drive India faster towards becoming a $10 trillion economy
Ether slips below $2K for the second time in a week
The value of Ethereum is down 54% from its recent peak. Its combined market cap is now $226 billion, less than half of its all-time high. Ethereum (ETH) and most major altcoins declined sharply on Sunday, extending a ten-day selloff that has knocked out more than $1 trillion in combined valuation from the market.
After the market-wide meltdown, Elon Musk voices tepid support for crypto
After a crippling market downturn that may be picking up steam this weekend, in a Tweet this morning Elon Musk has voiced tepid support for cryptocurrencies. In response, Musk seemed to take a long view of the situation, saying that crypto’s primary challenge isn’t short-term price action, but instead an ongoing battle against fiat.
While Bitcoin gained just 10% since Jan 3, this crypto trading strategy netted 2,150% ROI
As the crypto market plunge takes its toll on Bitcoin profits, some traders are using strategies based on sentiment and trading data to secure outsized gains. Bitcoin may be suffering through a succession of negative news stories, but some crypto investors are still celebrating major gains in 2021’s altcoin bull market.
Chiliz takes to the track with Formula 1 fan tokens
While Chiliz has effectively cornered the fan token market, multiple platforms continue to battle over the NFTs, memorabilia, and collectibles space. The popular ‘fan token’ reward and engagement blockchain Chiliz notched another win yesterday by signing a pair of popular European racing teams.
Cryptocurrencies, since they have no underlying asset, are extremely risky for investors. According to data from cryptocurrency exchanges, around 1.5 crore Indians have invested in cryptocurrencies, with a total value of Rs 15,000 crore. There are 350 blockchain and cryptocurrency startups.
While the RBI is explicitly opposed to cryptocurrency as a medium of exchange, the government’s position on the subject is unclear. Experts believe that Indians investing in cryptocurrencies are taking a high-risk bet because the Reserve Bank of India (RBI) and the government have yet to regulate these instruments. Any kind of crypto transaction should be banned in India before cryptocurrency regulations provide clarification, they said. “Be it as a medium of exchange, mode of investment/ assets, cryptocurrency dealings should be banned in India and should be made as a criminal offense,” said Madan Sabnavis, chief economist of the CARE rating agency.
“Unless we have regulations and an official view on this, Crypto is no different from gambling,” said the veteran economist. The remark is significant at a time when crypto currencies are becoming increasingly popular among investors.
Cryptocurrency is a type of digital money that is decentralized and based on blockchain technology. While Bitcoin and Ethereum are the most well-known cryptocurrencies, there are thousands of others in circulation. These are the following Cryptocurrency regulation.
Crypto rush
Despite the fact that the Reserve Bank of India (RBI) and the government are yet to form an opinion on crypto currencies, many Indians have invested in the industry. According to data from cryptocurrency exchanges, around 1.5 crore Indians have invested in cryptocurrencies, with a total value of Rs 15,000 crore.
There are 350 blockchain and cryptocurrency startups. BuyUcoin and other crypto exchanges have seen a surge in consumer interest, and crypto exchanges are aggressively advertising investment opportunities. The Reserve Bank of India has already expressed concern about cryptocurrencies. The RBI Governor, Shaktikanta Das, said at the 7th India Economic Conclave on March 25 that the central bank has raised some big concerns with the government regarding cryptocurrencies. “Both RBI and the government are committed to financial stability. We have flagged some major concerns to the government on cryptocurrencies. The government will come out with a decision sooner than later,” Das had said.
Regulatory action
The Reserve Bank of India (RBI) barred all banks from trading in cryptocurrencies in 2018, but this prohibition was lifted by the Supreme Court in response to a petition filed by the Internet and Mobile Association of India (IMAI). Although the RBI has the authority to regulate virtual currencies, the court stated that in the absence of legislation, the business of dealing in these currencies should be regarded as a legitimate trade covered by Article 19(1)(g) of the Constitution’s fundamental right to carry on any profession, trade, or business.
While the RBI is explicitly opposed to cryptocurrency as a medium of exchange, the government’s position on the subject is unclear. The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, has been drafted by the government as a bill to regulate cryptocurrencies. Any cryptocurrency transactions will be illegal under the bill’s provisions. However, there is currently no indication of when this Bill will be presented in Parliament.
Why should people invest in cryptocurrency?
In the current economic climate, where real interest rates have turned negative, there aren’t many appealing investment choices. Bank deposits have become unattractive to investors as interest rates have fallen sharply. Similarly, high uncertainty and a bleak economic climate have made real estate, equity, and mutual fund investments unappealing to HNIs, leading many to consider crypto bets and cryptocurrency regulation are good.
Due to a mix of factors such as the COVID-19 crisis, the poor rate of returns on banking investments, cryptocurrency stands to gain in popularity as it is being seen with the potential to become a good investment alternative, like gold or real estate if certain provisions are met, said Jaya Vaidhyanathan, CEO of BCT Digital.
“This is still far away, but it can happen over a period of time. We are going to see lack of trust from authorities till it is fully evaluated. Although Bitcoin has been seen with caution and distrust by authorities, its underlying technology, Blockchain, has a lot of advantages in today’s digital banking context as well,“ Vaidhyanathan said.
What happens if cryptocurrency is banned in India?
Lack of clarity on cryptocurrency regulation would mean that crypto investors may be facing high risk if the government decides against cryptocurrencies in India. Those holding crypto assets may face a sudden shocker if India decides to ban the cryptocurrency assets tomorrow, experts said.
“There is no underlying to the crypto currencies, so it is highly risky for anyone to use it as asset. You can’t certainly treat it as a mode of exchange. With high volatility seen in recent days, it is quite clear this is a speculative asset,” said Ashvin Parekh of Ashvin Parekh Advisory services.
“Also, there is a possibility of illegal elements using crypto for money laundering activities,” said Parekh. While big investors like Tesla founder Elon Musk can afford speculating in such assets, common investors may be facing high risk, Parekh added.
Banks have been wary of cryptocurrencies as a result of the RBI’s lack of clarity.
“Central banks advocate the centralization of an economy and its banking system. Bitcoin or most cryptocurrencies, for that matter, are the opposite of that. They are not controlled by a country’s regulators or even governed by them,” said Vaidhyanathan of BCT Digital.
“Under such circumstances, it’s natural for regulators to be suspicious of them, leading to trading bans or tightened regulations. In 2018, a lot of Indians were trading in cryptocurrencies, convinced of its benefits. But soon, this was questioned and outlawed,” Vaidhyanathan said.
A senior banker, who didn’t want to be named, said banks are staying away from crypto transactions since the RBI hasn’t clarified its position officially. “For us, the RBI is the apex authority. Till the time, the RBI doesn’t clarify its position, we will not touch this segment,” said the banker.
Bitcoin Pizza Day is celebrated by the whole crypto community all over the world as the 11th anniversary of the first Bitcoin transaction occurred when a Florida man used the cryptocurrency to pay for two pizzas.
There are events that mark a lifetime, and on May 22, 2010, one such event occurred in Laszlo Hanyecz’s life. Laszlo, a well-known bitcoiner, made a small wish on the Bitcointalk forum: “buy two large pizzas with 10.000 BTC as a payment method.”
How did Bitcoin Pizza Day start?
The day has become folklore, not because of the transaction, but because of the price: the man in question paid 10,000 Bitcoins for the two pizzas, which is now worth more than $80 million.
Laszlo Hanyecz agreed to pay 10,000 Bitcoins for two delivered Papa John’s pizzas on May 22, 2010, now known as Bitcoin Pizza Day. The Florida man sought assistance through the bitcoin talk forum.
Bitcoin Pizza Day in 2010
At the time, Bitcoin was a relatively unknown technology, and the majority of ordinary people ignored it. Despite the fact that it had been a long time since his first transaction, Bitcoin was still relatively unknown.
However, Laszlo’s offer piqued the interest of a large number of people. It’s difficult to believe today, but that was the equivalent of 10.000 BTC back then. Nothing could be further from the current reality, which values 1 BTC at around $ 8.000.
Anyone would say this is insane, and it is, but Laszlo has no regrets about it. Especially since he was able to spend time with his family while receiving his pizzas at home and paying with Bitcoin. Life is a blessing!
How much is the Bitcoin Pizza worth today?
Laszlo Hanyecz famously traded 10,000 BTC for two Papa John’s pizzas, and the chain is commemorating that transaction. According to Business Insider, Hanyecz’s trade is now worth $613 million USD, thanks to last week’s record-breaking price of $60,000 USD for a single bitcoin.
One Bitcoin is now worth nearly $36,000 USD. Bitcoin reached its all-time high of $63,000 just last month. Laszlo’s two slices of pizza were worth $630 million at their peak. What Laszlo paid for two slices of pizza could have purchased over 31 million pies from independent pizzerias.
The Bitcoin Pizza Day phenomenon is widespread and provides plenty of filler for discussion. Bitcoin is no longer in 2021, an unknown to the rest of the world, and its value is no longer a few cents.
Companies and businesses are aware of the true value of cryptocurrency and provide services that can be paid for with it. It is an economic revolution that is gaining traction as adoption grows.
In that sense, Bitcoin Pizza Day commemorates and celebrates a landmark, a test passed, and a level-up for the world’s most important cryptocurrency. But it’s also a reminder that small things, no matter how insignificant they appear, can start big changes in the world.
Bitcoin’s Latest Crash: Not the First, Not the Last
While bitcoin has been one of the world’s best-performing assets over the last decade, it has not been without volatility and price corrections. With bitcoin already down 15% from its all-time high, Elon Musk’s tweet announcing Tesla’s decision to stop accepting bitcoin for purchases pushed the cryptocurrency down more than 50% from its all-time high, dipping into the $30,000 price range.
Despite the fact that 30-40% pullbacks have been common pit stops throughout bitcoin’s various bull runs, it is far too early to draw any conclusions from the latest drop.
While this drop was steeper from high to low than the typical bull run pullback, bitcoin’s price has since recovered and is now hovering around $39,000, representing a 40% drop from the peak.
Bitcoin dip and its scope
Whether this is the start of a new downtrend or the ultimate dip-buying opportunity, there has been a noticeable shift in sentiment (and price) since Elon Musk tweeted about bitcoin’s sustainability concerns.
While the decoupling narrative has grown in tandem with Ethereum’s popularity as it powers NFTs and decentralised finance applications, it’s worth noting that the last time bitcoin experienced such a sharp drop in dominance was at the crypto market’s previous cycle top in early 2018.
For the time being, the entire crypto market has retreated, with the total cryptocurrency market cap falling from a high of $2.56T to today’s $1.76T. (a 30% decline). While the panic selling appears to be over, the next few weeks will determine whether this was simply another dip to buy or the start of a steeper decline.
