Tag: bitcoin

Bitcoin Fails to Touch $20,000 Mark, Many Altcoins See Dips Ahead of Weekend

As October steps into its second weekend, the crypto market showed signs of volatility that remained prevalent throughout the week. Bitcoin opened with a minor gain of 1.88 percent on Friday, October 14. As per the crypto price tracker by Gadgets 360, BTC stuck to its months-old price point of $19,437 (roughly Rs. 15.90 lakh), failing to crawl over the $20,000 mark (roughly Rs. 16.46 lakh). On Binance and Coinbase, BTC garnered similar miniscule gains to maintain its value around $19,818 (roughly Rs. 16.30 lakh).

Ether, in the backdrop of daily market fluctuations, opened with losses on Friday. As per Gadgets 360’s crypto price tracker, ETH is trading at $1,294 (roughly Rs. 1.06 lakh) with a value dip of 0.15 percent.

With the top two cryptocurrencies having varied in their market movements, other altcoins were automatically divided into two groups — the ones that follow BTC’s trajectory and the ones that slipped down the ladder with ETH.

Polygon, Shiba Inu, Uniswap, Wrapped Bitcoin, Cosmos, Stellar, and Monero lined up with profits behind BTC.

On the other side, Tether, Binance USD, Ripple, Cardano, Solana, and Polkadot saw losses.

“The overall market cap plunged below $1 trillion (roughly Rs. 82,34,055 crore). BTC remained more resilient than ETH and other altcoins. BTC is down ~2 percent and trading just under $20,000 (roughly Rs. 16 lakh). The top 20 tokens are trading in the red with Cardano (ADA), Solana (SOL), and Binance Coin (BNB) slipping over 10 percent during the week,” the research team at Indian exchange CoinSwitch Kuber told Gadgets 360.

With a 3.08 percent rise over the last 24 hours, the global crypto market currently stands at the valuation of $942 billion (roughly Rs. 77,56,462 crore).

There are several factors that have dented the crypto markets in recent days. The inflation for US in September stood at 8.2 percent, a notch higher than street estimates of 8.1 percent, but lower than 8.3 percent in August. The Core Consumer Price Index (CPI) Inflation that excludes food and energy prices touched a 40-year high at 6.6 percent.

Meanwhile, Wall Street tumbled amidst fears of another possible Fed rate hike, but soon recouped the losses, on the hopes of bottoming out. Despite these ups and downs, crypto assets continue to stir interest among investors on a daily basis.

“CRE8, an Indian Rupee denominated Virtual Digital Asset (crypto) index was down 1.91 percent in the past seven days. BTC, ETH, BNB, Ripple (XRP), and ADA emerged as the top eight most traded coins among investors trading crypto assets in Indian Rupees. The Index value stood at Rs. 2627.48 at 8 AM, October 14, 2022,” the CoinSwitch team noted.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article. 

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Bitcoin, Ethereum, Majority Tokens Record Profits as Crypto Price Charts Turn Green

After a day of trading lowly, majority cryptocurrencies stepped into Tuesday, October 4 with gains. Bitcoin, with a price hike of 1.96 percent, opened trading at $19,554 (roughly Rs. 15.80 lakh) as per Gadgets 360’s crypto price tracker. Profits on a similar scale also hit Bitcoin on international exchanges. As per Binance and CoinMarketCap for instance, Bitcoin is trading at a price point of $19,596 (roughly Rs. 16 lakh) after garnering gains of up to 2.20 percent. Experts have predicted that if BTC prices exceed the price point of $20,000 (roughly Rs. 16.30 lakh), majority cryptocurrencies will see long-term recovery.

Ether reeled-in bigger gains than Bitcoin. Almost two weeks after the launch of Ethereum’s eco-friendly upgrade called the Merge, ETH prices have touched the price point of $1,322 (roughly Rs. 1.07 lakh). As per Gadgets 360, ETH prices have spiked by 2.25 percent.

Majority altcoins followed BTC and ETH on the gain trail.

These include stablecoins such as Tether, Binance USD, and Ripple as well as other altcoins including Binance Coin, Cardano, Solana, Polkadot, and Polygon.

Meme coins Shiba Inu and Dogecoin also saw price hikes.

The global crypto market cap rose by 1.75 percent to reach the valuation of $943.77 billion (roughly Rs. 7,697 crore), as per CoinMarketCap.

Meanwhile, only Tron, Stellar, Bitcoin SV, and Terra emerged as loss-making altcoins.

Amid the prevailing market volatility and low-risk appetite among investors, the number of Bitcoin ATMs have also gone down globally. Nearly 800 ATMs were pulled out of the global crypto network in September alone.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article. 

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Dogecoin Rises as Second Largest PoW Cryptocurrency Following Ethereum Merge Arrival

Dogecoin, the meme-based cryptocurrency that was formed as a joke in 2013, today stands as the second-largest proof-of-work (PoW) cryptocurrency after Bitcoin. The development comes a day after the Ethereum blockchain completed its transition to the energy-efficient proof-of-stake (PoS) mining model from its previous power-intensive PoW mechanism. Ethereum’s native cryptocurrency, the Ether has also, hence given up its place among the PoW coins. Dogecoin, meanwhile, is presently trading at $0.059 (roughly Rs. 5) and its market cap stands at $7.83 billion (roughly Rs. 62 crore).

Dogecoin was created in 2013 by software engineers Billy Markus and Jackson Palmer.

Back in 2021, Markus had admitted in an interview that he made Dogecoin in ‘just two hours’, and didn’t even ‘think of the environmental impact’.

The meme cryptocurrency is an open-source token, based on a fork of the Litecoin code. The symbol for the DOGE is based on a meme-famous dog from the Shiba Inu breed.

As per CoinMarketCap, DOGE has a circulating supply of 132,670,764,300 DOGE coins and the maximum supply is not available.

Elon Musk, the world’s richest man is an avid DOGE supporter. Musk recently found himself in legal trouble after some Doge investors filed a complaint that Musk’s endorsement of the cryptocurrency has been beyond its usability that has caused the investors financial dips.

A lawsuit worth $258 billion (roughly Rs. 20,57,911 crore) has been levied on Musk by the plaintiffs in the case.

Meanwhile, PoW cryptocurrencies Ethereum Classic (ETC), Litecoin (LTC), and Monero (XMR) follow BTC and DOGE on the third, fourth, and fifth ranks.

Insiders from the crypto community have often said that if more PoW cryptocurrencies switch to PoS modes, it could trigger a wide-scale adoption of the technology around the world.

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Crypto Chart Drenched in Red Ahead of Ethereum’s ‘Merge’ Upgrade

The overall crypto market slipped down ahead of the arrival of Ethereum’s energy-efficient upgrade called the Merge which is expected to arrive today. Bitcoin on Thursday, September 15, opened with a loss of 1.65 percent as per Gadgets 360’s crypto price tracker. The current trading value of BTC stands at $20,030 (roughly Rs. 16 lakh). On global exchanges, such as Binance and CoinMarketCap as well, BTC slipped by around 1.65 percent to trade at a similar $20,000 (roughly Rs. 16 lakh) price point. It is being touted that with the eco-friendly Merge revamp, the Ethereum blockchain could soon pose a threat to Bitcoin’s monarchy over the crypto sector.

Ether saw smaller losses than Bitcoin and slipped price-wise by 0.15 percent. As per the price tracker by Gadgets 360, ETH is currently trading at $1,597 (roughly Rs. 1.26 lakh).

From stablecoins to memecoins, all kinds of altcoins tumbled down the price charts today. Most recorded only miniscule losses.

These altcoins include Tether, USD Coin, Binance Coin, Binance USD, Ripple, Cardano, and Solana among others.

Impressively, only a few altcoins seemed unaffected by the Merge chaos, and ended up reeling in small gains.

Monero, LEO, Zcash, Underdog, Gas, and WETH emerged as profit-makers on a rough market day.

Along with the Merge arrival, there are other factors also that are contributing to the market movement.

“A more aggressive path of interest rate hikes is likely underway to combat the narrative of increasingly entrenched inflation with broad expectations that a 75-100 basis point interest hike is the most likely result on 21 September 21 from the next FOMC meeting as inflation continues to broaden out rather than cool as expected; notably from the acceleration in services and living costs-based inflation,” the research team at CoinDCX told Gadgets 360.

The overall crypto market has dropped down by 0.82 percent, data by CoinMarketCap showed.

The market valuation of the crypto sector stands at $985.93 billion (roughly Rs. 78,33,849 crore).

“This hawkish sentiment led to both TradFi markets and crypto plummeting with the Nasdaq falling by more than 5 percent on the day while Bitcoin attempts to hold $20,000 (roughly Rs. 16 lakh) as psychological support after falling over 10 percent since the announcement. The overall crypto market cap fell by over 7 percent as it looks poised to retest the trillion-dollar region,” the CoinDCX research team added.

Meanwhile, social media is abuzz with the historic Merge launch.

 

The Etheruem blockchain will transition from its energy-consuming proof-of-work mining model to the proof-of-stake model that will slash Ethereum’s power requirements by 99.95 percent.  

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article. 

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BTC, ETH Open With Losses, Crypto Market Cap Slips Below Trillion Dollar Mark

The month of August elevated the base prices of several cryptocurrencies, however, majority cryptocurrencies saw losses as the month inches closer to its end. Bitcoin on Monday, August 29, opened with a minor price loss of 0.74 percent. As per Indian exchange CoinSwitch Kuber, BTC is currently trading at $19,808 (roughly Rs. 15.80 lakh). On international exchanges as well, BTC failed to see any profits. As per CoinMarketCap and Binance, BTC prices are hovering around the similar mark of $19,830 (roughly Rs. 15.80 lakh).

Ether conventionally trailed behind BTC to see losses. As per Gadgets 360’s crypto price tracker, ETH is presently priced at $1,450 (roughly Rs. 1.16 lakh) after incurring a loss of 2.70 percent.

Tether, Ripple, Cardano, Solana, Polkadot, and Polygon saw losses.

Even Dogecoin and Shiba Inu failed to garner gains amid the prevailing market volatility.

“After the Fed announcement to increase the interest rates, Bitcoin, Ethereum, and most cryptocurrencies were unable to resume gains. Investors are keenly looking for improvement in the market, but there has not been little change. If BTC’s price closes below the $19,500 (roughly Rs. 15.60 lakh) level today, we could see it going even lower,” Edul Patel, CEO and co-founder of crypto investment platform Mudrex told Gadgets 360.

Among a handful of gainers, Binance Coin, Binance USD, Litecoin, Monero, and Bitcoin Cash marked their names.

“Overall, the underlying sentiment suggests a downward trend in the coming week,” Patel noted.

As per CoinMarketCap, the overall market cap of the crypto sector has slipped below the trillion-dollar mark.

Currently, the valuation of the crypto industry stands at $954.11 billion (roughly Rs. 76,35,042 crore), with a 1.29 percent decrease over the last day.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article. 

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‘Return Correlations of BTC, Indian Stock Markets Have Risen Ten-Fold’: IMF

Despite the prevailing regulatory uncertainty in India, the crypto industry seems to have collected a fandom. As per the International Monetary Fund (IMF), the return correlations of Bitcoin and the Indian stock market have increased ten-fold in the post-pandemic world. This is indicative of the limited risk diversification benefits of cryptocurrencies. At this point, as per the IMF, the correlation between the performances of crypto assets and the overall Asian equity markets stands hiked substantially.

The growing adoption of crypto by retail and institutional investors in Asia, many of whom also participate in the equity markets, has emerged among the key drivers of the increased interconnectedness of crypto and equity markets in Asia.

“We find that the rise in crypto-equity correlations in Asia has been accompanied by a sharp rise in crypto-equity volatility spillovers in India, Vietnam, and Thailand,” the IMF said in a blog post.

This is not the first report released recently that has highlighted the expansion of the crypto culture in the Asian continent.

Back in June, an Accenture report had detailed that in Asian nations like India, Vietnam, China, Indonesia, Japan, Malaysia, Singapore, and Thailand, the holdings of crypto and other digital assets have risen multi-fold in recent years. The report said that the Asians with up to $1 million (roughly Rs. 7 crore) in the continent are investing in virtual assets in a bid to diversify their investment portfolios.

As per the findings, Thailand and Indonesia dwellers hold the maximum percentage of digital assets in Asia, followed by India, Singapore, and Thailand.

Meanwhile, India contributes up to seven percent on the chart representing the percentages of crypto and NFT holdings in Asia. This brings India ahead of Singapore, Japan, and Vietnam — reflecting six percent, three percent and four percent, respectively, in digital asset holdings on the Accenture survey graph.

For now, crypto makes for the fifth largest asset class in Asia.

While the IMF findings suggest a positive growth outlook for the crypto sector in Asia, it also paves way for concerning issues.

As per the post, this growing interconnectedness between the two asset classes permits the transmission of shocks that can impact financial markets.

The global financial body has called for the formulations of relevant legislations that would safeguard these growing number of crypto investors against financial risks as soon as possible.

“A significant effort is needed to address important data gaps that still prevent domestic and international regulators from fully understanding ownership and use of crypto and its intersection with the traditional financial sector,” the IMF noted.

While South Korea and Japan are experimenting with different elements of the cryptoverse like CBDCs and the metaverse, Thailand and Indonesia are focussing on incubating in-house crypto exchanges and tightening rules around crypto crimes.

In India, while start-ups are dabbing in experiments with crypto, Web3 and blockchain sectors, they are treading lightly due to the lack of clarity in regulations.

The Reserve Bank of India (RBI) favours a ban on the cryptocurrency sector, finance minister Nirmala Sitharaman told the parliament in July.

Calling for a global support on crypto regulations, Sitharaman said the RBI is concerned that the involvement of cryptocurrencies in India’s existing financial systems may have a destabilising effect on the monetary and fiscal stability of the nation.

Earlier this year, tax laws around virtual digital assets went live in India but the country still awaits an elaborate framework around the crypto sector.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article. 

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BlackRock Announces Spot Bitcoin Private Trust for US Clients: All Details

BlackRock, the world’s biggest asset manager, has launched a spot Bitcoin private trust for institutional clients in the United States, according to a blog post on its website. The trust will track the performance of Bitcoin, offering direct exposure to the price of the digital currency, BlackRock said.

“Despite the steep downturn in the digital asset market, we are still seeing substantial interest from some institutional clients in how to efficiently and cost-effectively access these assets,” the company said.

The move comes a week after cryptocurrency exchange Coinbase said it had partnered with BlackRock to provide its institutional clients with access to crypto trading and custody services. Coinbase shares after the announcement. 

Last week’s agreement offers some positive news for the company which, like many in the crypto sector, has been battered by a slump in crypto asset prices as investors fled risky assets amid geopolitical turmoil, rising rates and worries of an impending recession. Coinbase has been among the worst hit, with shares down over 60 percent so far this year.

The company’s institutional trading platform for crypto assets, Coinbase Prime, will provide crypto trading, custody, prime brokerage and reporting capabilities to institutional clients on BlackRock’s Aladdin, who are also clients of Coinbase. Aladdin offers a suite of software tools designed to help institutional investors manage their portfolios.

The latest developments underscore how traditional institutions including pension funds, hedge funds and banks have been pushing into crypto assets lately, wagering the alternative asset class is here to stay.

Even as, the crypto sector has been battered by a slump in asset prices as investors fled risky assets amid geopolitical turmoil, inflation and worries of an impending recession.

© Thomson Reuters 2022

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Iran Places First Import Order Using Cryptocurrency, Could Help Dodge US Sanctions

Iran made its first official import order using cryptocurrency this week, the semi-official Tasnim agency reported on Tuesday, a move that could enable the Islamic Republic to circumvent US sanctions that have crippled the economy. 

The order, worth $10 million (roughly 80 crore), was a first step towards allowing the country to trade through digital assets that bypass the dollar-dominated global financial system and to trade with other countries similarly limited by US sanctions, such as Russia. The agency didn’t specify which cryptocurrency was used in the transaction.

“By the end of September, the use of cryptocurrencies and smart contracts will be widely used in foreign trade with target countries,” an official from the Ministry of Industry, Mine and Trade said on Twitter.

The US imposes an almost total economic embargo on Iran, including a ban on all imports including those from the country’s oil, banking and shipping sectors.

Tehran is one of the largest economies yet to embrace cryptocurrency technology, born in 2008 as a payments tool aimed at eroding governmental control over finance and economies.

Last year, a study found that 4.5 percent of all Bitcoin mining was taking place in Iran, partly as a result of the country’s cheap electricity. The mining of cryptocurrency could help Iran earn hundreds of millions of dollars that can be used to buy imports and lessen the impact of sanctions.

Cryptocurrencies such as Bitcoin are highly volatile, making them impractical for large-scale payments.

The European Union on Monday said it put forward a “final” text to revive the 2015 Iran nuclear deal as four days of indirect talks between US and Iranian officials wrapped up in Vienna.

Under the 2015 agreement, Iran curbed its nuclear program in return for relief from US, EU and U.N. sanctions. But former US President Donald Trump reneged on the nuclear deal in 2018 and restored harsh US sanctions, prompting Tehran to start violating the agreement’s nuclear limits about a year later.

Central African Republic (CAR), one of the world’s poorest countries, has also embraced crypto. It became the first African state to make bitcoin legal tender in April, and last month launched its own digital coin.

El Salvador last year also adopted bitcoin as legal tender, though the project has been beset by public scepticism amid tumbling crypto prices.

© Thomson Reuters 2022

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.

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BTC Grows, ETH Dips as Crypto Price Chart Reflects Mix of Greens and Reds

The cryptocurrency market is undergoing volatility in the backdrop of back-to-back hack attacks hitting the sector. Bitcoin on Tuesday, August 9, grew by 2.87 percent. As per Indian exchange CoinSwitch Kuber, BTC is currently trading at around $25,080 (roughly Rs. 20 lakh). The oldest cryptocurrency also saw minor hikes on international exchanges. As per Binance and Coinbase, BTC rates have spiked by around 2.50 percent to trade at about $23,861 (roughly Rs. 19 lakh).

Ether moved unconventionally and failed to grab gains following BTC’s price movement. With a loss of 3.40 percent, ETH prices are currently circling the mark of $1,722 (roughly Rs. 1.35 lakh).

On the crypto price charts, nearly equal number of altcoins followed BTC and ETH to reflect gains and losses respectively.

Tether, Ripple, Cardano, Solana, and Polkadot joined BTC and reeled-in gains.

USD Coin, Binance Coin, Binance USD, Dogecoin, and Avalanche saw losses alongside Ether.

The global crypto market cap currently stands at $1.13 trillion (roughly Rs. 89,53,272 crore), with a 1.96 percent overall increase from the last day, as per CoinMarketCap.

Meanwhile, Nischal Shetty, the co-founder of WazirX crypto exchange has taken to Twitter to promote the use of blockchain networks in order to maintain transparency in businesses.

Shetty’s comments come in the backdrop of WazirX’s ongoing feud with Binance. Changpeng Zhao, the CEO of Binance has recently claimed that the acquistion of WazirX, that was announced in November 2019, did not reach a point of completion.

Zhao is seemingly trying to disassociate Binance’s branding from WazirX now that the Indian exchange is facing investigation in India over alleged money laundering charges.

Meanwhile, scammers continue to riddle the cryptosphere and it has been pointed yet again out, this time by Hong Kong publications.

The nation that recently topped the list of the world’s most crypto-ready nations has observed an alarming 105 percent hike in crypto scams. In the first six months of this year alone, the crypto community of Hong Kong has collectively lost $50 million (roughly Rs. 400 crore) to cons.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.

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Michael Saylor Steps Down as MicroStrategy CEO to Focus on Bitcoin Acquisition Strategy

Cloud software company MicroStrategy has announced that Michael Saylor, a Bitcoin maximalist who has served as the company’s chief executive officer since 1989, will step down as CEO and transition to a new role of executive chairman to focus even more significantly on the firm’s Bitcoin holdings. Phong Le, the company’s president, will assume the role of CEO at MicroStrategy after Saylor, which is currently the public company with the largest Bitcoin treasury. The changes take effect starting Monday, August 8.

Saylor stated in a press release that as executive chairman, his focus will be solely on “Bitcoin acquisition strategy and related Bitcoin advocacy initiatives.” At the same time, Le will manage the company’s day-to-day operations.

Saylor had been Microstrategy’s CEO since its creation, while Le, who joined the company in 2015, has served as President since July 2020. The press release credited Le with “delivering one of the [company’s] best operational and financial years” in 2021.

In 2000, Saylor famously lost $6 billion (roughly Rs. 48,008 crore) in a single day after the US Securities and Exchange Commission (SEC) brought charges against his company. His company managed to capture the spotlight after adopting Bitcoin as its reserve asset in a surprise move in August 2020.

Microstrategy was the first publicly listed business to start acquiring Bitcoin as part of its treasury, which paved the way for other tech companies such as Tesla to add the cryptocurrency to their own balance sheets.

While Tesla sold its Bitcoin holdings in the recent market downturn, today’s earnings report indicates that as of June 30, MicroStrategy still held 129,699 Bitcoin, a sum worth approximately $2.98 billion (roughly Rs. 23,844 crore) dollars at current prices.

The firm has consistently refused to alter its outlook on the digital asset, despite the price of Bitcoin plunging below $30,000 (roughly Rs. 24 lakh) in May, which meant MicroStrategy was in the red on its average purchase price.

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