India’s Minister of Finance Says Cryptocurrency Bill is Designed To Protect Investors

India’s Minister of Finance Says Cryptocurrency Bill is Designed To Protect Investors

India’s crypto tale might not end anytime soon. In the latest episode, the country’s Minister of State Finance and Corporate Affairs has commented on the government’s crypto position.

Crypto Bill To Protect Investors

India’s Minister of State Finance and Corporate Affairs Anurag Thakur spoke on the reasonable steps the government may take to regulate crypto in the Asian nation.

According to Thakur, the government only intends to protect crypto investors from the underlying volatility surrounding cryptocurrencies like Bitcoin. BTC 0.00% Bitcoin / USD BTCUSD $ 63,358.91
$0.000.00%
Volume 77.47 b Change $0.00 Open $63,358.91 Circulating 18.68 m Market Cap 1.18 t
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Thakur said the price fluctuations of cryptocurrencies relative to fiat were high and disturbing, which could negatively impact investors.

Accordingly, the government would frame regulations focused on protecting these investors from this volatility. However, he did not state how the government intends to achieve this.

The Indian crypto narrative has been fraught with a lot of counter-intuitive hints from government officials.

With some supporting an outright ban and the creation of a digital rupee to address growing market needs. Others have called for a more temperate regulatory framework to encourage the nascent industry. And as with all things political and diplomatic, much of the masses have been left in the dark.

According to the Finance Minister, the crypto bill was scheduled to be heard by the lower chamber of the Indian parliament on April 8 but was postponed due to the ongoing elections in the country.

This continued suspense is seeing a lot of crypto-facing businesses and enthusiasts getting tensed and agitated.

But some industry experts in the crypto space are pointing to Thakur’s comments as a light in the night. To them, the government may be considering something in the angle of a “circuit breaker,” which will see limits introduced on the number of transactions that could be done in Bitcoin exchanges. They believe this is a sign that the government may be considering a regulation rather than an outright ban of emerging technology.

But others feel this is not the case.

Dark Days Ahead for India’s Crypto Space

Founder of crypto fantasy trading app SuperStox Zakhil Suresh pointed to the ambiguity surrounding the minister’s message. According to Suresh, the minister is interested only in protecting crypto investors from cryptocurrencies and not protecting crypto investors.

“What if that ‘protection’ is actually in the form of … keeping people away from crypto?” Suresh told news outlet Decrypt.

He also said that the minister declined to comment on whether or not the government was considering a ban on cryptocurrencies in its draft bill. To him, this is frustrating and unnecessary.

The growing consternation concerning the crypto bill is understandable given that the Reserve Bank of India (RBI) has been a staunch supporter of a crypto ban.

In a 2018 blanket ban on crypto, the Indian government stopped all crypto activities in the country.

Although it was later overruled in a Supreme Court judgment in 2020, the fight has continued with a 2019 anti-crypto bill recommending harsh measures like jailing crypto investors for up to ten years.

For now, the saga continues.

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Author: Jimmy Aki

9% of 16-Year Old Americans, Mainly Male, have Traded Cryptocurrency: Survey Reveals

9% of 16-Year Old Americans, Mainly Male, have Traded Cryptocurrency: Survey Reveals

9% of teens claim to have traded cryptocurrency, reveals the latest survey by Piper Sandler.

The Generation Z survey of more than 7,000 U.S. teens with an average age of 16.1 years further revealed that a good majority of these crypto traders, 81% are male.

The survey didn’t share any other insight into which cryptos were favored among the teens or if they are still holding it or just buying and selling.

It is somewhat possible that these teens might be partaking in the burgeoning sector DeFi given that centralized cryptocurrency exchanges follow strict KYC measures. As we have seen in the crypto, especially the decentralized finance sector, the younger generation is taking the reins and has also been involved in the building process.

Out of these teens surveyed, 33% of them hold a part-time job, the same as in the fall of 2020, with parents contributing 61% in the spending. However, “self-reported” spending improved 1% to $2,165.

Food accounts for the number one priority of teens at 23% share of their wallet. In the aftermath of the pandemic, 46% of teens believe the economy is getting worse, while 25% believe it is getting better.

Cash, however, is the king as the top payment method for teens, unlike the worldwide trend of cashless. Cash is followed by Apple Pay, with Venmo being the most used payment app.

When it comes to favorite social media platforms, Snapchat is a favorite among the teens with 31% share followed by TikTok (30%) and Instagram (24%, down 700 bps Y/Y).

As we saw in the past few months, TikTok was also popular among newbie crypto investors, with people shilling cryptocurrencies, especially Dogecoin (DOGE) on the platform, sending its prices closer to $1.

With more and more crypto companies now investing in growth marketing, FTX sealing the deal with Miami Heat and Coinbase planning for sales and marketing to be between 12% and 15% of net revenue in 2021, these insights and social media platforms may help crypto firms bring in the masses and targeting the younger generation to the industry.

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Author: AnTy

Bitcoin Mining Chip Maker, Ebang Launches a New Cryptocurrency Exchange, Ebonex

Bitcoin Mining Chip Maker, Ebang Launches a New Cryptocurrency Exchange, Ebonex

Bitcoin mining ASIC chip maker, Ebang International, is expanding its business operations by launching a cryptocurrency exchange.

Canada stock exchange-listed firm, Ebang is expanding its crypto mining operations to the secondary market with the launch of a new cryptocurrency exchange, Ebonex. The exchange will register “qualified investors,” allowing them to deposit, trade, and withdraw from their accounts starting today.

The hardware mining giant launched an invitation-only beta testing phase for Ebonex earlier this year following a successful $100 million IPO in 2020. Dong Hu, Chairman and CEO of the firm, stated the exchange was a “result of the continuing investment in research and development.”

“In recent years, we have made a considerable investment in R&D talent recruiting, as well as product innovation and iteration.”

“The launch of our cryptocurrency exchange business will not only expand the revenue sources from our cryptocurrency business but also optimize the development of our blockchain industry chain.”

The company has not been short of R&D endeavors to improve their business operations – or development of chips. Ebang announced in August 2020; they will shift their focus to AI-powered mining chips in 2024 as a bid to be ‘part of building the future chips.’

The new exchange will start with several top crypto assets available, including Bitcoin (BTC), Ethereum (ETH), Polkadot (DOT), Litecoin (LTC), and Chainlink (LINK). However, the report did not disclose which residents and countries will be eligible to participate in trading services on the exchange.

No comment was received from the exchange as of writing.

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Author: Lujan Odera

Bitcoin Miners Are Now Busy Accumulating After Selling the Inventory Earlier This Year

Bitcoin mining stocks enjoy far greater returns than the cryptocurrency itself, 2.5% for every 1% move in BTC, becoming a “high beta play” on bitcoin.

Bitcoin price made its way above $57k today after falling under $53k on Tuesday.

This uptrend came following Elon Musk tweeting about Tesla now accepting Bitcoin and that any payment received will be held instead of converting into fiat currency. Trader and economist Alex Kruger noted,

“Nothing like good old-fashioned bullish news to reverse a short-term downtrend. Yes, Tesla accepting Bitcoin payments and running its own Bitcoin nodes is massively bullish. Others will follow.”

However, the option expiry this Friday looms over the price. Because the Bitcoin options market, both volume and open interest (OI), has been rising steadily since 2019, these expiries hold meaning for the price.

The maximum pain shows at which strike price the lowest amount would be owed to option buys by sellers if price expires there, for this expiry is $44k. However, Deribit clarifies that “it does not mean the market will move to this level, but it does imply that after Friday, this potential downward pressure is gone.”

Interestingly, Bitcoin miners have also stopped selling after unloading a good amount of their mined BTC earlier this year.

“It is rational for publicly traded Bitcoin miners to become net purchasers of BTC rather than sellers,” commented bitcoin bull Michael Saylor, CEO of MicroStrategy.

Stocks of Bitcoin mining have actually been enjoying far greater returns than the cryptocurrency itself.

According to an analysis from Fundstrat Global Advisors, the mining companies that are fairly new and young have reached over $1 billion in market cap after investing heavily during the downturn in the hardware and facilities to “strike it big” in the bull cycle.

Leeor Shimron, vice president of digital-asset strategy at Fundstrat, described miners as a “high beta play” on bitcoin in a note last week.

During this bull run, the biggest publicly traded miners recorded an average return of 5,000% compared to Bitcoin’s over 900%. These companies generate a return of 2.5% for every 1% move in the crypto asset.

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Meanwhile, FT reports Bitcoin mining is impacting the costs of chips, which are used in smartphones, TVs, and cars. As we reported, already the semiconductor industry is struggling with a global shortage, and the growing demand from crypto miners is adding to the issue. CW Chung, head of research at Nomura in Seoul says,

“Added demand from cryptocurrency miners is coming when the chip industry is dealing with simultaneous crises — from supply constraints to a structural shortage of high-end chips.”

“The squeeze should last through the end of the year.”

Nvidia has already halved the Ethereum mining efficiency on its latest RTX 2060 software, while AMD recently confirmed that it is not blocking any mining operations on its graphics cards. Chung said,

“Cryptocurrency industry demand can have a significant influence on the chip market — during the last bitcoin rally, they were a tenth of TSMC’s entire sales.”

Bitcoin hash rate is near its ATH at 150 Th/s, difficulty at its peak of 20 trillion, and mining profitability at $0.35 per 1 THash/s last seen in June 2019, as per Bitinfocharts.

With the bull market not yet nearing its end, this might make things worse before they better.

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Author: AnTy

Central Bank of Nigeria Never Banned Cryptocurrency Trading, Clarifies Governor

Central Bank of Nigeria Never Banned Cryptocurrency Trading, Clarifies Governor

The Central Bank of Nigeria (CBN) said they never banned the use of cryptocurrencies in the country, and they are not discouraging people from trading with crypto assets either.

The clarification came from Godwin Emefiele, deputy governor Adamu Lamtek, on behalf of Godwin Emefiele, the governor of the central bank, at the 30th seminar for Finance Correspondents and Business Editors organized by the bank.

According to him, the bank wants to remind the banking sector and protect it from crypto activities.

Last month, the CBN issued an order that directed financial institutions to shut down all accounts associated with crypto trading. “Dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges is prohibited,” said CBN at the time. It further told institutions to “identify persons and/or entities” transacting with cryptos or operating crypto exchanges.

This led the Bitcoin users and proponents to voice their objection to the bank’s order on social media.

In response, the bank issued a five-page statement clarifying that the letter was only a reminder that cryptocurrencies were not legal tender in Nigeria, reiterating a position the bank has held since 2017 and nothing new.

It further said that the central bank would continue to educate Nigerians to “desist from its use and protect our financial system from activities of fraudsters and speculators.”

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Author: AnTy

Palm Beach Research Analyst, Teeka Tiwari to Release His Next Pick for Trillion-Dollar Crypto

Palm Beach Research Analyst, Teeka Tiwari to Release His Next Cryptocurrency Prediction to Hit A Trillion-Dollars

The analyst who picked Bitcoin (BTC) at $428 in 2016 is set to announce the next Trillion dollar cryptocurrency.

The cryptocurrency market faces one of its greatest bull markets in recent history as demand for cryptocurrencies, NFTs, and decentralized finance (DeFi) keeps growing. Bitcoin (BTC), the largest crypto, is trading at $58,823, as of writing, placing it at a $1.097 Trillion dollar market capitalization after a solid 948% growth in the past year.

Palm Beach Research Group’s Teeka Tiwari, a crypto enthusiast, and an analyst will be releasing his prediction of a new crypto will soon join Bitcoin in the Trillion dollar market cap bracket. In an upcoming webinar event, “Crypto’s Next Trillion Dollar Coin,” set to be held on March 31, 2021, at 8 PM ET, Tiwari will reveal the next cryptocurrency and “where he believes the real money will be made in the crypto boom of 2021”.

According to the Palm Beach Research Group website, Teeka’s shows and webinars in the past have helped investors make insane profits in crypto and he intends to create the same results for his followers in the upcoming webinar.

Teeka Tiwari is a former hedge fund manager and a Wall Street executive who has made a name among crypto circles. He has been a regular contributor to the FOX Business Network. He has appeared on FOX News Channel, CNBC, ABC’s Nightline, The Daily Show with Jon Stewart, and international television networks.

Teeka was an early Bitcoin adopter, having bought his first Bitcoin at $428 in 2016 and calling a Trillion dollar market cap.

Investment analysis research firm, Palm Beach Research Group, offers retail and institutional clients a range of investment advice products (both paid and free), including the “Palm Beach Daily,” “Palm Beach Insider,” and “The Palm Beach Letter.” The company employs some of the top investment analysts from Wall Street and top financial firms globally.

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Author: Lujan Odera

DCG Owned Cryptocurrency Mining Arm, Foundry, to Open Bitcoin Mining Pool to the Public

DCG Owned Cryptocurrency Mining Arm, Foundry, to Open Bitcoin Mining Pool to the Public

  • U.S.-based Bitcoin mining firm, Foundry is opening its doors to institutional investors following the successful completion of its five months-long beta phase testing.

Foundry, a North America-based mining firm, announced on Thursday it is launching its mining pool to institutional clients following a successful five-month beta phase testing. The firm, owned by Digital Currency Group (DCG), welcomed Texas-based Blockcap to its clients’ list using roughly 10,000 mining machines provided by Foundry.

The U.S. bitcoin mining firm has seen tremendous growth in Bitcoin) mining since launching its beta phase in October last year. With 1.4% of the total Bitcoin hashrate or 2.77 exahashes per second, Foundry USA ranks as the 12th largest mining pool, stats from BTC.com shows.

The pool supports Bitcoin and Bitcoin Cash (BCH) mining through its Full-Pay-Per-Share (FPPS) model that payout block rewards and transaction fees according to a user’s contribution.

In the announcement released on Thursday, Foundry also confirmed Blockcap would join as the first institutional client. According to a statement from Mike Colyer, CEO of Foundry, the company is working on “tailor-made solutions to fit the needs of institutional mining companies.”

Blockcap, a Texas-based mining operator, purchased nearly 10,000 mining machines from Foundry, increasing its hashrate by about 0.9 exahashes of computing power. Notwithstanding, Blockcap also ordered an extra 8,400 miners from Caanan and 10,000 Antminer rigs from Bitmain.

Once delivered and installed, the hashrate contributed by Foundry USA is expected to boost, which could see the mining pool break into the top 10 largest mining pools.

Blockcap’s Executive Chairman Darin Feinstein praised Foundry USA’s efforts to build a US-based mining pool to compete with China-based pools’ growing influence. In a statement to newsrooms, Feinstein said,

“Mining on a pool that is made and based completely in the US, and offers institutional miners payouts at par with the world’s biggest pools was an obvious choice on our mission to make North America a global hub for digital-asset mining.”

The rush in Bitcoin mining across North America is growing at an astonishing pace. Recently, Bitfury’s US mining offshoot company, Cipher Mining, announced its plans to list on NASDAQ in a $2 billion valuation public sale.

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Author: Lujan Odera

Crypto Miners Taking Advantage of Hot Market to Raise Funds

Cryptocurrency companies are taking full advantage of the ongoing bull market. There is a lot of euphoria present in the market as Bitcoin becomes a trillion-dollar asset and the overall crypto market cap grows past $1.7 trillion.

Already, we have seen the leading US exchange Coinbase filing to go public with a whopping $100 billion valuation. This is only expected to lift the market mood further, described by some as a watershed moment for the crypto industry.

Another crypto exchange Kraken is on track to do the same, but not until next year. ICE backed Bakkt took the SPAC route, and so did the Bitcoin miner Cipher.

The same can be seen happening in China, attracting millions of dollars.

Chinese Bitcoin mining machine manufacturer Ebang International Holdings conducted two fundraising rounds just last month. The company that debuted on Nasdaq in June raised $170 million.

Eban plans to use the newly raised capital to expand into crypto mining, to open crypto exchanges in Canada and Singapore, and to launch a Robinhood-like Bitcoin trading platform. Guo Yi, COO at Univest Securities, which underwrote the deals said,

“Ebang’s growth story is very attractive to institutional investors … fundraising by all industry players is getting busier thanks to the bitcoin bull.”

Last month, it also announced that it would be launching Dogecoin (DOGE) and Litecoin (LTC) mining operations, for which they completed a design of a chip for simultaneous mining.

A newcomer, another Chinese company, Code Chain New Continent Ltd, the waste recycling company raised $25 million in February to foray into Bitcoin mining, for which it has ordered 10,000 machines. David Feng, co-CEO of Code Chain said,

“Bitcoin prices present us with a unique opportunity to establish mining operations.”

Another Nasdaq-listed Chinese Bitcoin mining machine maker, Canaan Inc., is expanding into mining.

In private markets, “competition is white-hot and filled with sharp elbows,” said Jehan Chu, managing partner at Hong Kong-based blockchain venture capital firm Kenetic Capital. “Every good-quality funding round is oversubscribed within a week of it being announced.”

Crypto miner Argo Blockchain announced this week that it had raised around £26.8mln (nearly $37.5 million) through a placing of new shares to institutional and other investors. It will allow the company to complete an investment in Pluto Digital Assets and pursue strategic opportunities in crypto mining, decentralized finance (DeFi), and Web 3.0 initiatives.

Cobo, a crypto custodian and wallet service provider, is also planning to launch a new round of venture capital funding this month to finance its international expansion. “The market is bullish, and our business is growing very, very rapidly,” said Jiang Changhao, co-founder and CTO of the Beijing-based company, aiming for tens of millions of dollars.

Amidst this, the world’s largest crypto-mining equipment maker, Bitmain, has been the target of an investigation into illegal talent from Taiwanese firms over a period of three years. Taiwan prohibits firms from China from recruiting locally or doing business without prior approval.

In other news, JPMorgan has filed for a “Cryptocurrency Exposure Basket” through companies that invest in digital assets. The referenced stocks are Riot Blockchain, NVIDIA Corporation, Taiwan Semiconductor Manufacturing Company Ltd., and others.

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Author: AnTy

Blockchain Company Komodo Launches DEX for Dogecoin (DOGE) Swaps

Parody cryptocurrency Dogecoin seems to be gaining wide adoption as the crypto market surges.

Atomic Swaps Available On DogeDEX

In an announcement made on Wednesday, blockchain as a service (BaaS) solutions provider Komodo said its Doge decentralized exchange (DogeDEX) platform launched March 1 and has been received enthusiastically by Doge enthusiasts.

According to the company, the decentralized platform will enable peer-to-peer exchanges, or “atomic swaps” of the meme-based cryptocurrency. The service will be powered by its AtomicDEX engine for both desktop and mobile apps.

Atomic swaps enable the transfer of crypto-assets using smart contracts. Komodo also said its development team is incorporating fiat-on-ramps in the coming months, which will enable crypto purchases on the decentralized platform.

The Shiba Inu, the mascot representative of the Dogecoin, has become something of a fan favorite. Carving its niche and surviving on celebrity endorsements, Dogecoin has made a tear and gained a phenomenal 2,440% in the last 12 months or so.

One of the crypto-assets avid admirers is Tesla Inc.’s owner Elon Musk. His continued promotion has seen the once disregarded digital asset come into the limelight, and many popular figures have joined the DOGE train.

One of such is Gene Simmons of American rock band KISS fame. He has been joined by popular rap icon Snoop Dogg who has used his reputation to get a good thing going for the digital assets.

Dallas Mavericks billionaire owner Mark Cuban is the latest addition in a long list of admirers who have vocally supported the wide adoption of Doge.

His pro-basketball team, the Mavericks, now accepts Dogecoin from fans. The solution was incorporated by cryptocurrency company Bitpay making Dogecoin the second crypto accepted by the Mavs.

Speaking on the decision, Cuban noted that his basketball team had made 20,000 Dogecoins sales, and he sees the digital asset hitting a price point of $1 soon.

Breaking Through The Hype

Despite all the relative fanfare surrounding DOGE, crypto experts believe that the virtual currency lacks enough use cases to make any significant surge into the top ten brackets. According to them, DOGE’s narrative of being a joke currency needs to erode if it wants to stand a chance in a fiercely competitive crypto market.

Kadan Stadelmann, chief technology officer at Komodo, an open-source cryptocurrency platform and blockchain solutions provider, said that DOGE reaching $1 is nigh on impossible unless it hits Bitcoin-level-buy-ins in the nearest future.

According to Stadelmann, the relative ease of minting Doge tokens is a concern. Stadelmann drew attention to the fact that 10,000 tokens per minute, 14.4 million per day, and 5.2 billion per year of Dogecoins were many.

The massive roll-out of the coin could lead to inflation in the long-term, making a mockery of what cryptocurrencies like Bitcoin came to solve through its metered supply cap.

Johnny Lyu, CEO of cryptocurrency platform KuCoin, feels otherwise. According to Lyu, the growing attention DOGE is gaining from celebrity endorsements may likely see it being used for everyday transactions.

Lyu feels the relative ease and speed of sending value with the parody crypto-asset could stand it in good stead. He, however, noted that DOGE breaking into the top five anytime soon was out of the question.

The digital asset’s phenomenal rise may be appealing to Musk and Simmons, but Joel Edgerton feels very differently. According to the chief operating officer of crypto exchange bitFlyer, digital coins like DOGE are just fun to hold as they cannot solve real-life problems.

At press time, DOGE traded $0.056, up 1.7%.

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Author: Jimmy Aki

JPMorgan Takes the Indirect Route, Files for a “Cryptocurrency Exposure Basket”

JPMorgan Takes the Indirect Route, Files for a “Cryptocurrency Exposure Basket”

MicroStrategy has the highest weightage, at 20%, in this basket that also references the stocks of Square, Riot Blockchain, NVIDIA, PayPal, Advanced Micro Devices, Taiwan Semiconductor, ICE, CME Group, Overstock, and Silver Capital.

JPMorgan, the investment banking giant, is finally going to invest in Bitcoin and cryptocurrencies, but not directly, yet.

The bank has come a long way from its Chief executive Officer Jamie Dimon calling it a “fraud” to the JPM releasing regular reports about Bitcoin and Ether and now enjoying the skyrocketing gains.

According to the bank’s filing with the Securities and Exchange Commission (SEC), JP Morgan is looking to launch a “Cryptocurrency Exposure Basket,” that will have an unequally weighted basket consisting of 11 reference stocks of US-listed companies that operate businesses related to digital assets, directly or indirectly.

These companies may have bitcoin holdings, dealing in crypto technology products, cryptocurrency mining products, digital payments, or bitcoin trading. MicroStrategy, Square, Riot Blockchain, NVIDIA Corporation, PayPal, Advanced Micro Devices, Taiwan Semiconductor Manufacturing Company Ltd., Intercontinental Exchange (the company behind Bakkt), CME Group, Overstock, and Silver Capital Corporation are the companies JPM is interested in.

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The Basket may be subject to extreme price volatility and rapid and substantial decreases in price, the bank mentions in the document. They will not be having any direct exposure to cryptocurrencies and even the performance of the Basket may not be correlated with the price of any particular cryptocurrency, it added.

The incoming debt instrument will have a minimum denomination of $1,000 and has a 1.5% fee with a maturation date of May 2022.

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Author: AnTy