Crypto Chart Turns Red Despite EU Quashing Proposal to Ban Bitcoin, Market Volatility Remains Constant

Crypto price chart opened with red taking over as majority altcoins dipped in losses following Bitcoin. With a small loss of –0.87 percent, Bitcoin opened trading at $40,319 (roughly Rs. 30 lakh) on Indian exchange CoinSwitch Kuber. The world’s oldest cryptocurrency also saw similar minor magnitude of losses on international exchanges as well. On CoinMarketCap and Binance for instance, BTC lost around 0.15 in terms of its trading value. At the time of writing, Bitcoin was priced around $38,745 (roughly Rs. 29.5 lakh) on global exchanges.

Ether found itself bearing slightly bigger losses than Bitcoin. The world’s second-most valued cryptocurrency dipped by 3.07 percent to trade at around $2,649 (roughly Rs. 2 lakh) as per Gadgets 360’s crypto price tracker. ETH reeled in smaller losses on global exchanges, surprisingly. On Binance for instance, the altcoin is trading at $2,542 (roughly Rs. 1.95 lakh).

The shift in the crypto market comes in the backdrop of the European Union (EU) rejecting a proposal to ban Bitcoin. The decision makes for a milestone ruling that indirectly works in favour of the crypto sector by buying it more time to mature.

EU’s digital assets legislation, called the Markets in Crypto Assets (MiCA) had backed its Bitcoin banning proposal citing its energy-intensive mining processes.

Binance Coin, Ripple, Cardano, Polkadot, and Polygon also lost steam, stepping right into mid-March.

Dogecoin plummeted back to the trenches after a brief gain period it observed on March 14. Tesla CEO Elon Musk had contributed to DOGE’s price hike by saying he would not sell his crypto holdings despite risks of inflation.

DOGE rival Shiba Inu also failed to garner any profits.

Industry insiders have supported more ‘regulate over restrict’ approach towards the crypto sector, which emerged as the premise of EU’s vote on MiCA.

“As crypto continues to gain traction amongst the mainstream and cement its position as the future of finance, it is necessary to embrace sustainable regulations that balances industry growth with environmental impact. The EU’s regulatory steps could herald in a new era of greater sustainability in the crypto sector globally,” the research team at CoinDCX told Gadgets 360.

Earlier on March 14, Microstrategy CEO Michael Saylor reiterated his support for Bitcoin as a hedge against a rise in inflation.

Meanwhile, Ukraine’s emphasis on restricting crypto assets for Russians continues to fuel crypto’s reputation as a mighty economic instrument.

After requesting global crypto exchanges to suspend services to Russia, Ukraine’s minister of digital transformation, Mykhailo Fedorov, urged Tether to stop doing business with Russian citizens.

Tether is a stablecoin, a category of crypto assets collateralised by the value of an underlying ‘stable’ reserve assets like gold or dollar. So even when regular crypto assets see their prices axed, stablecoins could continue reeling-in profits.

The case was slightly unconventional today as several stablecoins like USD Coin and Binance USD saw losses, however small ones.

The current crypto market cap stands at over $1.72 trillion (roughly Rs. 1,31,73,856 crore), as per CoinMarketCap.

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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This Tool Will Help You Make Most of the Crypto Market Without Even Timing It

Ask any crypto investor or observer, and they will agree about the crypto market’s volatility being in a different zone at any point of time in the year. However, volatility is a very natural and obvious part of market activity, and one cannot predict the crypto price trend without putting effort. 

Most crypto traders generally follow three types of analysis while investing; Technical, Fundamental, and Sentimental analysis. The three should be used closely together, although you can choose to master one of them, and that might earn you a fortune. But in today’s era, who has got time to understand and learn the factors of the crypto market? And that is why CoinSwitch Kuber, the Indian crypto exchange platform, has taken a step forward to help investors start investing in the crypto market without worrying about the volatility risk.

Today, we’ll tell you about Recurring Buy Plan (RBP), which is an ideal crypto buying tool by CoinSwitch to give you a steady, disciplined approach towards creating wealth.

Recurring Buy Plan by CoinSwitch – The SIP-like crypto tool

CoinSwitch has launched a Recurring Buy Plan (RBP) investment tool that will enable you to make a systematic amount of investment every month, just like a SIP, into the crypto market. You don’t have to time the market and make any impulsive buying, selling or holding decisions. RBP enables you to stay invested throughout the highs and lows of the market so that you can earn profits in the long run. 

Why should you consider using RBP?

1) Instead of putting a large sum of money in different intervals of time, you can easily invest a fixed amount of money every month in the asset of your choice to beat market volatility with cost averaging.

2) RBP makes you consistent, disciplined, and dependable with its systematic investment plan, and hence you get a steady approach to creating wealth for yourself.

3) As we told you earlier, RBP will save you from analyzing the market and worrying whether it will make losses. RBP’s systematic investment every month might make you sit on huge profits just by being one regular and dedicated investor. 

How RBP is ideal for both beginners and long-term investors in crypto?

If you are a new investor, and you are planning to start your investment journey in the crypto world, or you are a long-time investor and planning to play safely, then CoinSwitch’s RBP is what you should be considering. The great thing about RBP is that it keeps you away from any storm in the market, and due to this you will be securing yourself from making any decision that may cost you a lot of your hard-earned money. 

When should you prefer RBPs?

Have a low risk-appetite 

RBPs will save you from the high risks involved in the crypto market by finding the average buy price, which could still be lower than the final selling price. So you don’t have to worry if you invest when the market is at its highs.

Wish to hedge against volatility 

As RBPs follow fixed buying cycles, they remain unaffected by the market volatility. There are many traders and big names in the industry whose one tweet or a statement can make the crypto market fluctuate. RBPs make sure the investor remains safe from such activities.

Be ready for long-term exposure 

RBPs tend to give better returns over short-term buying and selling due to the recurring investments made into specific crypto assets. With RBPs, one doesn’t face losses in the market by the short-term price fluctuations or any impulsive decision. 

Fewer worries 

Tracking crypto prices can be a daunting task. One needs to put in a lot of work that involves technical, fundamental, and sentimental analysis of the crypto charts. With RBPs, forget the complex brainstorming sessions, choose the most promising asset and start buying crypto with a fixed amount every month.

Have a small corpus 

You can invest as low as Rs. 100 per month in your preferred crypto asset. This means that you don’t have to invest a huge amount of money at once. With RBPs you don’t have to worry about the highs and lows as it helps you hit the average buying price, which decreases the risk of volatility.

A few downsides to RBPs that you must know about

You cannot do instant buying and selling of crypto tokens using the RBP. Since it is a systematic investment plan, it might block the capital and not allow day-to-day trading. They also might not help you identify key drops in the market.

But no matter what, RBPs in crypto are a more reliable tool in the long term. So, what are you waiting for now? Go download CoinSwitch and place your first RBP today!. 


Ethereum Co-Founder Joe Lubin Believes Russia-Ukraine Crisis Could Foster Crypto Adoption

Ethereum co-founder Joseph Lubin while sharing his two cents on the role of digital currencies in the ongoing Ukraine-Russia crisis has said that the asset class can be viewed as among Ukraine’s best weapons against Russia. According to Lubin, who’s also the founder of blockchain software technology company ConsenSys, said the ongoing geopolitical war in Eastern Europe is becoming a “point of no return” for the global market’s integration of cryptocurrencies. The entrepreneur went on to highlight that the Ukrainian government has so far received more than $60 million (roughly Rs. 458 crore) worth in cryptocurrency donations.

While many consider digital currencies as a financial and monetary tool, Lubin believes they are a form of weapon that is capable of empowering smaller and less powerful nations. “This country (referring to Ukraine) and many others are going to have to make use of this powerful tool and weapon. Nobody likes weapons, but you have to be as capable with powerful weapons as your neighbours are.”

Lubin’s comments came from an interaction with Decrypt’s editor-in-chief, Dan Roberts, when he said that the role crypto played in Ukraine is a pivotal point in the history of the crypto ecosystem, and can notably fuel the asset’s mainstream adoption.

“It’s another moment for our industry,” Lubin said. “It represents crossing the chasm into mainstream adoption. Now we’re onto national security issues. It’s going to be so profound, a point of no return for our industry, because it’s clear that our technology is very powerful and unstoppable.”

Irrespective of the perception of other nations regarding crypto, Lubin predicted that digital assets will “be used by many different nation-states, regardless of what other nation-states say or do, and this means that every nation-state has to create policy, get savvy, and start wielding these tools.”

While showing his respect for countries that have adopted digital currencies so far, Lubin slammed the US government for dragging its feet for a while and said the Executive Order President Joe Biden signed last week was more or less “kind of funny, like, ‘Hey, all you agencies get a clue!’ That’s basically what he said.”

A lot of nations are undoubtedly waking up to the potential of cryptocurrencies with countries like El Salvador adopting Bitcoin as a legal tender, stirring a move that many nations may be willing to consider in the near future.

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.


Binance Gets Its First Gulf Crypto Licence in Bahrain

The world’s largest cryptocurrency exchange Binance has been given a crypto-asset service provider licence by Bahrain’s central bank, its first such licence in the Gulf Cooperation Council (GCC), the company and the bank said on Tuesday.

“The licence from Bahrain is a milestone in our journey to being fully licensed and regulated around the world,” said Binance Chief Executive Officer CEO Changpeng Zhao in a joint statement with Bahraini authorities.

The regulatory requirements will “protect users with strong anti-money laundering and counter-terrorism financing policies,” he added.

Financial regulators across the world have targeted Binance cryptocurrency exchange, with some banning the platform from certain activities and others warning consumers that it was unlicensed to operate in their jurisdictions.

The licence permits crypto-asset trading, custodial services and portfolio management, the statement said.

Binance is also building its presence in Gulf neighbour the United Arab Emirates (UAE).

In December it said it was working with Dubai World Trade Centre (DWTC) to help set up an international virtual asset ecosystem there and assist with the development of virtual asset regulations.

Dubai, one of the UAE’s seven emirates, last week adopted its first law governing virtual assets and established a regulator to oversee the sector.

© 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.


Ex-Disney CEO Robert Iger Joins Metaverse Firm Genesis Headed by Indian-Origin Akash Nigam

Former Disney CEO Robert Iger has accepted a position at metaverse platform Genies. Iger, who headed the American entertainment major for fifteen years, has officially joined the board of the Los Angeles-based web3 firm. As part of his job, the 71-year-old will work towards integrating the worlds of entertainment and the virtual universe. Iger believes that the entertainment industry needs inroads into the metaverse world to create and sell digital items. Iger is also an investor in Genies.

“I’ve always been drawn to the intersection between technology and art, and Genies provides unique and compelling opportunities to harness the power of that combination to enable new forms of creativity, expression and communication,” Fortune quoted Iger as saying.

An official announcement on the development was shared on Twitter on March 14.

Launched in 2017, Genies is an avatar-making platform, headed by Indian-origin CEO, Akash Nigam. The company is registered in the US and is headquartered in Venice, California.

The company is the official avatar-maker for Universal Music Group and Warner Music, while also catering to high profile clients like Justin Bieber and Cardi B.

Nigam welcomed the former Disney chief onboard with a metaverse twist, transforming him into a virtual avatar, sharply dressed in hues of black.

“Our vision is ambitious and grand. And it will consistently require the sharpest, brightest mindshare in the world to help bring it to life. His insatiable curiosity overlaps directly with our fierce passion to bring avatars to all,” the 27-year-old Genies CEO said.

Research reports expect the market opportunity for the metaverse to reach $800 billion (roughly Rs. 59,58,719 crore) by 2024.

In recent days, Indian entertainment labels like T-Series have also forayed into the metaverse space.

Previously, international artists like Travis Scott, Justin Bieber, Marshmello, and Ariana Grande have hosted metaverse concerts, which allowed them to entertain their fans without gatherings to adhere to the social distancing norms of COVID-19.


Ukraine Launches Website for Cryptocurrency Donations in Partnership with FTX and Everstake

The Ukrainian government launched a website in partnership with crypto-firms FTX and Everstake that will funnel donations to Ukraine’s central bank as it combats a devastating invasion by Russia.

On the “Aid for Ukraine” website, users can currently offer donations in 10 cryptocurrencies, including Bitcoin, ether, and dogecoinBitcoin price in India as of March 15 at 6:42pm IST stood at Rs. 30.78 lakh.

“Cryptocurrencies play a significant role in Ukraine’s defense,” Oleksandre Borniakov, Ukraine’s deputy minister of Digital Transformation, said in a statement.

“Cryptocurrency assets have proven to be extremely valuable in facilitating the flow of funding to Ukrainian citizens and soldiers and in raising awareness and interest among the global public,” he added.

The crypto firm Everstake, one of the largest in Ukraine, will allow users be able to make donations in other cryptocurrencies than those listed on the site.

The site also plans to add the ability to donate non-fungible tokens (NFTs) in the future.

Bahamas-based exchange platform FTX, founded by US billionaire Sam Bankman-Fried, will convert the donated funds into dollars and route them to the National Bank of Ukraine.

The Ukrainian cryptocurrency exchange platform Kuna is also part of the initiative.

On the “Aid for Ukraine” site, a tracker showed that by 0230 GMT Tuesday, almost $49 million (roughly Rs. 374 crore) had been raised out of a goal of $200 million (roughly Rs. 1,527 crore).

The money will be used to support the Ukrainian military as well as civilians “in dire need of humanitarian assistance,” the partnership said in the statement.

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.


Coinbase Announces NFT Marketplace, Date of Lauch Remains Undisclosed

Coinbase is set to launch its peer-to-peer marketplace for digital collectibles, or non-fungible tokens (NFTs). The US-based crypto exchange announced that it plans to allow users to discover, mint, purchase, and showcase their NFTs. The launch date for this platform has not been revealed as of yet. The Coinbase NFT platform will be competing with existing players in the sector like OpenSea and LooksRare among others. NFTs are supported on the blockchain technology and make for integral elements of the metaverse sector. NFTs can be inspired by a wide array of entities including gaming characters, music, and videos.

Coinbase announced the development on Twitter, while also revealing that it is building its NFT marketplace based on community feedback.

The company, founded in 2011, is now engaging with NFT creators to garner their insights.

The crypto exchange first opened up about its intensions to bring an NFT marketplace in 2021.

At the time, Coinbase had claimed that its NFT business could be more successful than its crypto arm, Fortune had reported.

Coinbase NFT has reportedly received over 2.5 million registrations on the waiting list to join the platform.

The volume of NFT sales crossed, the mark of $25 billion (roughly Rs. 1,84,700 crore) in 2021.

Of late, platforms like the New York Stock Exchange, Rakuten, and Parler have begun implementing their respective plans of foraying into the NFT sector.

It is, however noteworthy, that recent Google Trends data revealed that NFT-related search volumes dipped massively in March 2022.

Similarly, NFT resource NonFungible data has also indicated that trade volume per week for NFTs are on the decline. Its findings claimed that the average selling price of an NFT has declined to under $2,000 (roughly Rs. 1.5 lakh), compared with an all-time high of almost $6,900 (roughly Rs. 5.3 lakh) at the beginning of 2022.

The classification of NFTs is currently a topic under discussions in several parts of the world.

The US Securities and Exchange Commission is scrutinising creators of NFTs and the marketplaces where they trade to determine if some of the assets run afoul of the agency’s rules.

South Korean and Indian authorities are yet to declare if NFTs fall under the virtual assets category.


Binance Temporarily Suspends Polygon Transactions Citing an Unidentified Network Issue

Scalability platform Polygon appears to be dealing with a network-wide issue causing a transaction blockage as a result of which popular cryptocurrency exchange Binance has taken the step of temporarily stopp all withdrawals from the platform. According to the announcement on the official Binance website, deposits and withdrawals for the Polygon network have been suspended for the time being although a formal reason hasn’t been cited yet. In the meantime, the exchange claims to be working with the Polygon network team in a bid to resolve the situation.

In a subsequent tweet, the Polygon team has responded stating that the “network is stable, and working fine” while adding that “Binance is upgrading its nodes, and currently syncing the block data, hence they have paused the deposit and withdrawal.” The network issue appears to have occurred days after another Polygon network outage on March 11 which followed shortly after a network upgrade.

Following the outage on March 11, the project’s team confirmed the issue and worked on identifying the “definitive” cause, which reportedly originated from an even earlier upgrade. In addition to it, the team revealed that there may have been a bug in the upgrade itself that caused a split between validators.

It is worth noting that the Polygon network is made up of three layers, each performing a distinct function. The Ethereum layer runs smart contracts while the Bor layer aids in generating blocks. The fault lies in the third Heimdall layer.

The suspected bug caused different Heimdall validators to be on different versions of the chain, thereby not reaching a complete consensus to greenlight transactions. While the outage was expected to last for a few hours and was also notified by the Polygon team, the 11-hour extended outage became a reason for concern for many projects as well as traders.

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Coinbase Announces NFT Marketplace, Date of Lauch Remains Undisclosed

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No Plans to Introduce a Cryptocurrency: Government to Rajya Sabha

There is no plan to introduce cryptocurrency by the government, Minister of State for Finance Pankaj Chaudhary informed the Rajya Sabha on Tuesday.

Currently, cryptocurrencies are unregulated in India, he said in a written reply.

“RBI does not issue cryptocurrency. Traditional paper currency is a legal tender and is issued by RBI in terms of provisions of RBI Act, 1994. A digital version of traditional paper currency is called Central Bank Digital Currency (CBDC),” he said.

RBI is currently working towards a phased implementation strategy for introduction of CBDC and examining use cases which could be implemented with little or no disruption, he said in another reply.

Introduction of CBDC has the potential to provide significant benefits such as reduced dependency on cash, higher seigniorage due to lower transaction costs, etc, he added.

Printing of notes have declined over a period of time, he said, adding, during 2019-20 notes worth Rs 4,378 crore were printed which came down to Rs 4,012 crore in 2020-21.

Replying to another question, he said, financial health of the country includes many facets.

“Stable stock market along with well-functioning and sophisticated market infrastructure is one indicator to assess a country’s financial health. The stock markets are indicative of economic growth in the medium to long term as the stock prices reflect the market’s expectation on future corporate earnings/profitability and hence the underlying confidence in economy,” he said.

However, he said, in the short run, the stock markets are mostly driven by the economic and geopolitical events.

Exchanges levy exchange transaction fees upon the broker which may be passed down to clients, he said, adding, the transaction fee is mentioned in the contract note issued to client by the broker.

The taxes levied on sale and purchase of stocks including the taxes levied by exchanges are mentioned in the contract note issued to clients at the end of each day of trading by the broker, he said.


PayPal CEO Dan Schulman Hails Crypto Utility, Downplays Market Volatility Concerns

PayPal CEO Dan Schulman has reiterated his positive stance on the cryptocurrency industry in an interview claiming he’s least concerned about the future price of Bitcoin, as to him, the most important feature is the crypto industry’s ability to transform the global financial system and highlighting the use cases of cryptocurrencies and blockchain technology with the traditional finance world. The actual promise of digital currencies, according to Schulman, is in payments, not in buying and selling them or anticipating their price movements.

Schulman, in an interview with Calcalist Tech, states that he believes that the intersection of Central Bank Digital Currencies (CBDCs), stablecoins, digital wallets, and enhanced payment utility through cryptocurrencies will bring forth the financial world of the future.

“The initial things that everyone thinks about crypto, buying and selling it, and what the price of Bitcoin is going to be tomorrow, that’s the least interesting part about digital currencies to me. That is thinking about digital currencies as an asset class. To me, the real exciting thing about digital currencies is what kind of utility can they provide in payments,” says Schulman.

“The intersection between CBDC, stablecoins, digital wallets, and enhanced utility of payments through cryptocurrencies is not just fascinating but I think will redefine a lot of the financial world going forward,” he adds.

Meanwhile, PayPal has been fairly active in the cryptocurrency space, increasing the amount of cryptocurrency its clients can acquire and heavily invested in educating its users on crypto. The payments company has also made it possible for its customers to safely withdraw their cryptocurrency and transfer them to third-party wallets.

Dan Schulman’s interview arrives weeks before he speaks at the Axis Tel Aviv conference, an international investment, and innovation conference which is set to get underway on March 29 at the Peres Center for Peace and Innovation in Israel. More than 50 investors from foreign venture capital funds and international corporations are expected to meet 70 Israeli startups exploring innovative technologies at this year’s conference.