Tag: exchange

Crypto exchange WazirX disrupted by the rush to buy Shiba Inu coins

Banking & Finance

[ad_1]

Read More/Less


A record-breaking rally and frantic trading in meme-themed crypto currency Shiba Inu has disrupted crypto exchange WazirX, which is headquartered in Mumbai.

Shiba Inu has rallied more than 100 per cent in the past 24 hours on the back of a petition to get it listed on global stock trading brokerage platform Robinhood. Disruption hurts many people as WazirX has more than 9 million users, sources told BusinessLine.

Shiba Inu has been on a dream run since Vitalik Buterin, the founder of the world’s second-largest cryptocurrency Ethererum, donated around $1 billion (₹7,324 crore) worth of Shiba Inu coins to India’s Covid Crypto Relief Fund. This fund was set up by Indian cryptocurrency entrepreneur Sandeep Nailwal on April 24. Buterin is a Russian-Canadian programmer and writer who is known to be close to maverick businessman and Tesla promoter Elon Musk.

Last month, Shiba Inu witnessed a rally as Musk tweeted a photo of his puppy dog that resembles the meme coin. Shiba Inu was founded in 2020 by an anonymous person going by the Japanese name Ryoshi who put it on the blockchain network to decentralise its operations.

Indian cryptocurrency market likely to reach up to $241 million by 2030: Nasscom

In the last 24 hours, the rally in Shiba Inu was due to three lakh people signing petitions on Change.org to get it listed on Robinhood. This led to disruption on WazirX on Wednesday. Crypto exchanges trade for 24 hours 365 days. Little known individual Tristan Luke had started the petition to list Shiba Inu on Robinhood and has received more than lakh signatures. The Dogecoin inspired meme coin Shiba Inu is the 11th largest cryptocurrency with a market cap of $32 billion. It is listed exclusively on WazirX in India.

“We are investigating the delays in the WazirX app and website. Team is working on scaling the systems and will update you as soon as it is fixed. Sorry for the inconvenience,” WazirX told its clients in a communication. It also lists scores of other crypto currencies on its platform but has not given any reason for the tech disruption.

NFTs gaining traction in India as celebrities lead the way

Opaque process

According to traders on WazirX, even though the money was transferred from the bank, their orders could not get executed or the orders once placed could not get cancelled. Also, those who traded on Wednesday had no way to know details of their transactions till Thursday morning. Those buying and selling on WazirX platform have to mainly use Mobikwik pay wallets to transfer their money from bank accounts to and fro. Since Wednesday, Mobikwik, too, had been witnessing payment issues, clients told Business Line.

Crypto exchanges are yet to prove themselves on the technology front and clients say that sometimes buying and selling on them and money transfers are tedious. Yet, due to the hype of crypto trading these exchanges now claim to have more traders registered with them than the mainline stock exchanges like the BSE.

Experts say that WazirX and scores of other crypto exchanges should detail their technology and various other details like inventor profile and checks and balances followed by them in handling client money. The total market capitalisation of the global crypto market is nearly $2.6 trillion, which is the same as India’s gross domestic production.

[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , , ,

Bitcoin falls below $50,000 as Musk calls energy use ‘insane’, BFSI News, ET BFSI

Personal Finance

[ad_1]

Read More/Less


By Yakob Peterseil and Dana Hull

Tesla Inc.’s Chief Executive Officer Elon Musk doubled down on his attack on Bitcoin’s energy demands, calling recent consumption trends “insane.”

Musk posted a chart on Twitter from the University of Cambridge showing Bitcoin’s electricity consumption has skyrocketed this year. It’s the second day he’s criticized crypto mining for using fossil fuels and comes after an announcement that Tesla would suspend car purchases using Bitcoin.

The turnaround by one of crypto’s loudest believers took investors by surprise and sent prices tumbling across the board. Bitcoin plunged 10% in early U.S. trading to below $50,000. Exchange operator Coinbase Global Inc. sank 2% in the premarket and other tokens including Ether and Dogecoin slumped.

“Bitcoin is also a manifestation of the value of the internet, and hence it stands to reason that social media and the cult of celebrity has, and will continue to have, an effect on driving demand,” said Stephen Kelso, head of markets at ITI Capital.

Mining the token consumes 66 times more electricity than it did back in late 2015, according to a recent Citigroup Inc. report.

Musk signaled on Wednesday that Tesla might accept other cryptocurrencies if they are less energy intensive, and said the company won’t sell any of its Bitcoin.

It’s unclear what prompted the decision and Musk and Zachary Kirkhorn, Tesla’s chief financial officer, didn’t immediately respond to an email inquiry for comment. Kirkhorn in March added the tongue-in-cheek title “Master of Coin,” according to a regulatory filing.Still, Musk’s tweets raise questions about Bitcoin’s attractiveness as an investment at a time when institutional firms are increasingly vocal about climate change and environmental issues.

“Surely he would have done his diligence prior to accepting Bitcoin?” said Nic Carter, founding partner at Castle Island Ventures, and a leading voice among defenders of Bitcoin’s energy use. “Very odd and confusing to see this quick reversal.”

Musk’s decision in February to buy $1.5 billion in Bitcoin and plan to accept it as a form of payment has been a major catalyst in the crypto bull market. In the eyes of analysts, it helped add legitimacy to the token and usher in new investors.

Musk’s crypto tweets have often been in jest, and his attention toward Dogecoin brought the joke token into the mainstream. He’s quipped about being the “Dogefather” in the past, and tweeted on Tuesday, “Do you want Tesla to accept Doge?”



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , , ,